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 FTI Consulting (NYSE:FCN), a filing with the SEC revealed that on Friday, CEO Steven Henry Gunby purchased 30,000 shares of FCN, at a cost of $34.51 each, for a total investment of $1.04M. So far Gunby is in the green, up about 2.1% on their buy based on today's trading high of $35.22. FTI Consulting is trading off about 1.2% on the day Wednesday. This buy marks the first one filed by Gunby in the past twelve months.
And at New Media Investment Group (NYSE:NEWM), there was insider buying on Monday, by Chief Executive Officer Michael Reed who purchased 40,000 shares at a cost of $13.25 each, for a trade totaling $530,000. Before this latest buy, Reed purchased NEWM at 3 other times during the past twelve months, for a total investment of $1.83M at an average of $15.26 per share. New Media Investment Group is trading up about 3.3% on the day Wednesday. Reed was up about 6.6% on the buy at the high point of today's trading session, with NEWM trading as high as $14.13 at last check today.
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