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.
On Tuesday, Advance Auto Parts' CEO, Thomas Greco, made a $1.00M buy of AAP, purchasing 6,500 shares at a cost of $154.29 each. Bargain hunters are able to pick up AAP even cheaper than Greco did, with the stock changing hands as low as $152.82 in trading on Wednesday which is 1.0% below Greco's purchase price. Advance Auto Parts is trading up about 0.6% on the day Wednesday. Before this latest buy, Greco purchased AAP at 2 other times during the past year, for a total investment of $2.01M at an average of $155.04 per share.
And at Orchid Island Capital, there was insider buying on Friday, by Director John Van Heuvelen who purchased 100,000 shares for a cost of $9.40 each, for a total investment of $939,790. Orchid Island Capital, is trading down about 0.3% on the day Wednesday. So far Heuvelen is in the green, up about 2.6% on their buy based on today's trading high of $9.64.
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