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 Builders FirstSource, a filing with the SEC revealed that on Wednesday, Director Paul S. Levy purchased 800,000 shares of BLDR, at a cost of $16.17 each, for a total investment of $12.94M. Levy was up about 5.7% on the buy at the high point of today's trading session, with BLDR trading as high as $17.09 in trading on Monday. Builders FirstSource is trading up about 0.8% on the day Monday.
And on Friday, EVP & Chief Financial Officer Kevin Bradley bought $1.00M worth of United States Steel, buying 36,762 shares at a cost of $27.23 each. This purchase marks the first one filed by Bradley in the past year. United States Steel is trading up about 1.2% on the day Monday.
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