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 Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA), a filing with the SEC revealed that on Monday, Director George R. Mrkonic Jr. bought 2,000 shares of ULTA, for a cost of $191.45 each, for a total investment of $382,900. Mrkonic Jr. was up about 1.3% on the purchase at the high point of today's trading session, with ULTA trading as high as $193.93 at last check today. Ulta Salon Cosmetics & Fragrance is trading up about 0.5% on the day Tuesday. This purchase marks the first one filed by Mrkonic Jr. in the past twelve months.
And on Thursday, Director Pizzo John R. Del bought $145,152 worth of Patriot National (PN), buying 19,200 shares at a cost of $7.56 a piece. Before this latest buy, Del made one other purchase in the past year, buying $59,220 shares at a cost of $6.58 a piece. Patriot National is trading up about 5% on the day Tuesday. So far Del is in the green, up about 5.7% on their purchase based on today's trading high of $7.99.
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