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 (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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