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 two noteworthy recent insider buys.
On Thursday, New Mountain Finance (NYSE:NMFC)'s Director, Steven B. Klinsky, made a $2.9M buy of NMFC, purchasing 222,313 shares at a cost of $13.03 a piece. Investors can bag NMFC at a price even lower than Klinsky did, with shares changing hands as low as $12.69 in trading on Monday which is 2.6% under Klinsky's purchase price. New Mountain Finance Corp is trading off about 0.4% on the day Monday. Before this latest buy, Klinsky bought NMFC on 2 other occasions during the past twelve months, for a total cost of $13.88M at an average of $13.88 per share.
And at Ascena Retail Group (NASDAQ:ASNA), there was insider buying on Friday, by Chairman Elliot S. Jaffe who purchased 100,000 shares for a cost of $9.70 each, for a trade totaling $969,659. This purchase marks the first one filed by Jaffe in the past year. Ascena Retail Group is trading down about 1.5% on the day Monday. Jaffe was up about 5.6% on the purchase at the high point of today's trading session, with ASNA trading as high as $10.24 at last check today.
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