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 dollars to make a purchase, is that they expect to make money. Today we look at one noteworthy recent insider buy.
At Ares Management LP (NYSE:ARES), a filing with the SEC revealed that on Friday, Co-Founder & Partner Bennett Rosenthal bought 91,666 shares of ARES, for a cost of $13.82 each, for a total investment of $1.27M. Rosenthal was up about 2.3% on the purchase at the high point of today's trading session, with ARES trading as high as $14.14 in trading on Wednesday. Ares Management LP is trading up about 0.6% on the day Wednesday. This buy marks the first one filed by Rosenthal in the past year.
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