As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Thursday, AutoZone (NYSE:AZO)'s Director, William Andrew McKenna, made a $152,100 buy of AZO, purchasing 300 shares at a cost of $507.00 a piece. Bargain hunters are able to bag AZO at a price even lower than McKenna did, with shares changing hands as low as $498.67 at last check today which is 1.6% below McKenna's purchase price. AutoZone is trading off about 0.9% on the day Tuesday.
And on Monday, Chief Financial Officer/EVP Holden Lewis purchased $42,507 worth of Fastenal (NASDAQ:FAST), purchasing 1,000 shares at a cost of $42.51 each. Before this latest buy, Lewis made one other purchase in the past twelve months, buying $43,760 shares for a cost of $43.76 a piece. Fastenal is trading up about 0.8% on the day Tuesday.
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