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.
At Center Coast MLP & Infrastructure Fund, a filing with the SEC revealed that on Monday, President, CEO Dan C. Tutcher purchased 25,250 shares of CEN, at a cost of $8.70 each, for a total investment of $219,575. Center Coast MLP & Infrastructure Fund is trading off about 5.2% on the day Tuesday. Before this latest buy, Tutcher bought CEN on 3 other occasions during the past year, for a total cost of $946,461 at an average of $9.97 per share.
And at AllianzGI Diversified Income & Convertible Fund, there was insider buying on Thursday, by Justin Kass who purchased 11,000 shares for a cost of $17.78 each, for a total investment of $195,576. Before this latest buy, Kass bought ACV at 3 other times during the past year, for a total investment of $63,105 at an average of $19.45 per share. AllianzGI Diversified Income & Convertible Fund is trading down about 2.1% on the day Tuesday. Investors can grab ACV at a price even lower than Kass did, with the stock trading as low as $16.57 at last check today -- that's 6.8% below Kass's purchase price.
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