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 Comfort Systems USA, a filing with the SEC revealed that on Monday, Director Franklin Myers purchased 4,000 shares of FIX, for a cost of $28.57 each, for a total investment of $114,280. Comfort Systems USA is trading up about 0.8% on the day Tuesday. Before this latest buy, Myers purchased FIX on 10 other occasions during the past twelve months, for a total investment of $862,020 at an average of $29.38 per share.
And at Cenveo, there was insider buying on Thursday, by CEO Robert G. Burton Sr. who bought 13,800 shares for a cost of $7.36 each, for a total investment of $101,572. Before this latest buy, Burton Sr. purchased CVO on 3 other occasions during the past year, for a total cost of $355,460 at an average of $1.60 per share. Cenveo is trading off about 0.9% on the day Tuesday. Bargain hunters are able to pick up CVO at a price even lower than Burton Sr. did, with the stock changing hands as low as $6.74 in trading on Tuesday which is 8.4% under Burton Sr.'s purchase price.
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