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 Ambac Financial Group (NYSE:AMBC), a filing with the SEC revealed that on Friday, Chief Executive Officer Tavakoli Nader bought 61,496 shares of AMBC, for a cost of $12.82 each, for a total investment of $788,521. Ambac Financial Group is trading up about 1.3% on the day Monday. Before this latest buy, Nader purchased AMBC at 3 other times during the past year, for a total cost of $932,031 at an average of $14.93 per share.
And on Thursday, CEO Stephen F. Angel purchased $488,995 worth of Praxair (NYSE:PX), purchasing 5,000 shares at a cost of $97.80 a piece. Before this latest buy, Angel bought PX at 2 other times during the past twelve months, for a total cost of $1.03M at an average of $102.55 per share. Praxair is trading up about 0.3% on the day Monday.
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