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 Earthstone Energy (NYSE:ESTE), a filing with the SEC revealed that on Tuesday, EVP Ray J. Singleton Jr. bought 9,500 shares of ESTE, for a cost of $10.50 each, for a total investment of $99,750. Singleton Jr. was up about 3.0% on the purchase at the high point of today's trading session, with ESTE trading as high as $10.81 in trading on Thursday. Earthstone Energy is trading up about 0.5% on the day Thursday.
And also on Tuesday, CEO Gary D. Burnison purchased $89,948 worth of Korn/Ferry International (NYSE:KFY), purchasing 4,000 shares at a cost of $22.49 each. This buy marks the first one filed by Burnison in the past year. Korn/Ferry International is trading up about 2.5% on the day Thursday. Burnison was up about 2.1% on the purchase at the high point of today's trading session, with KFY trading as high as $22.96 at last check today.
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