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.
On Tuesday, AZZ (NYSE:AZZ)'s CEO, Thomas E. Ferguson, made a $247,935 buy of AZZ, purchasing 5,000 shares at a cost of $49.59 each. Ferguson was up about 2.8% on the purchase at the high point of today's trading session, with AZZ trading as high as $51.00 in trading on Thursday. AZZ is trading up about 4.4% on the day Thursday. Before this latest buy, Ferguson made one other purchase in the past year, buying $414,292 shares at a cost of $55.24 each.
And also on Tuesday, Chief Medical Officer Dennis D. Kim bought $33,900 worth of Zafgen (NASDAQ:ZFGN), buying 10,000 shares at a cost of $3.39 a piece. Before this latest buy, Kim made one other buy in the past year, purchasing $44,000 shares at a cost of $4.40 each. Zafgen is trading up about 7.2% on the day Thursday. So far Kim is in the green, up about 9.1% on their purchase based on today's trading high of $3.70.
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