Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At SJW Corp. (NYSE:SJW), a filing with the SEC revealed that on Friday, Director Robert A. Van Valer purchased 16,000 shares of SJW, at a cost of $29.83 each, for a total investment of $477,270. So far Van Valer is in the green, up about 2.1% on their buy based on today's trading high of $30.47. SJW Corp. is trading up about 0.8% on the day Monday. Before this latest buy, Van Valer made one other buy in the past year, purchasing $140,926 shares at a cost of $30.51 a piece.
And at Abercrombie & Fitch (NYSE:ANF), there was insider buying on Thursday, by President of Hollister brand Fran Bonadies Horowitz who bought 10,000 shares at a cost of $22.55 each, for a total investment of $225,500. Abercrombie & Fitch is trading off about 0.9% on the day Monday.
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