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.
On Wednesday, Bank of New York Mellon (NYSE:BK)'s Director, Edward P. Garden, made a $18.53M purchase of BK, buying 421,800 shares at a cost of $43.94 each. Bargain hunters have the opportunity to snag BK even cheaper than Garden did, with the stock changing hands as low as $42.70 at last check today which is 2.8% below Garden's purchase price. Bank of New York Mellon is trading off about 1% on the day Friday. Before this latest buy, Garden purchased BK on 4 other occasions during the past twelve months, for a total investment of $56.31M at an average of $39.47 per share.
And on Thursday, Chief Executive Officer Adrian Adams purchased $6.55M worth of Pozen (POZN), purchasing 1,000,000 shares at a cost of $6.55 a piece. This buy marks the first one filed by Adams in the past twelve months. Pozen is trading up about 6.2% on the day Friday. So far Adams is in the green, up about 12.2% on their buy based on today's trading high of $7.35.
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