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 Shoe Carnival (NASDAQ:SCVL), a filing with the SEC revealed that on Friday, Director Charles B. Tomm bought 11,190 shares of SCVL, at a cost of $22.69 each, for a total investment of $253,868. Tomm was up about 4.7% on the buy at the high point of today's trading session, with SCVL trading as high as $23.75 in trading on Tuesday. Shoe Carnival is trading up about 1.8% on the day Tuesday. This buy marks the first one filed by Tomm in the past year.
And on Thursday, President Brian J. Roney bought $100,000 worth of Conifer Holdings (NASDAQ:CNFR), buying 16,000 shares at a cost of $6.25 a piece. Before this latest buy, Roney bought CNFR at 2 other times during the past year, for a total cost of $35,423 at an average of $7.08 per share. Conifer Holdings is trading up about 9.6% on the day Tuesday. So far Roney is in the green, up about 10.2% on their buy based on today's trading high of $6.89.
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