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.
At CSX Corp (NASDAQ:CSX), a filing with the SEC revealed that on Friday, Director Ridge LP Mantle purchased 1,357,000 shares of CSX, for a cost of $51.59 each, for a total investment of $70.01M. CSX Corp is trading up about 1% on the day Tuesday. This purchase marks the first one filed by Mantle in the past twelve months.
And at RLI Corp. (NYSE:RLI), there was insider buying on Monday, by Director Robert P. Restrepo Jr. who purchased 1,200 shares at a cost of $57.58 each, for a trade totaling $69,096. Before this latest buy, Restrepo Jr. bought RLI on 6 other occasions during the past twelve months, for a total investment of $347,234 at an average of $59.87 per share. RLI Corp. is trading up about 2.1% on the day Tuesday.
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