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 Apache (NYSE:APA), a filing with the SEC revealed that on Wednesday, Director Chansoo Joung bought 15,000 shares of APA, at a cost of $58.02 each, for a total investment of $870,279. Apache is trading up about 0.3% on the day Monday.
And on Thursday, Director John Jeffry Louis purchased $250,956 worth of Gannett (NYSE:GCI), purchasing 28,000 shares at a cost of $8.96 a piece. Before this latest buy, Louis made one other purchase in the past year, buying $254,016 shares at a cost of $7.56 each. Gannett is trading up about 3.4% on the day Monday. So far Louis is in the green, up about 9.1% on their purchase based on today's trading high of $9.78.
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