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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Thursday, Annaly Capital Management (NYSE:NLY)'s Chairman of Board/Exec. Chair., Wellington Denahan, made a $1.5M purchase of NLY, buying 125,280 shares at a cost of $11.97 each. Annaly Capital Management is trading up about 0.3% on the day Monday. This buy marks the first one filed by Denahan in the past twelve months.
And at Argo Group International Holdings (AGII), there was insider buying on Wednesday, by Director Gary V. Woods who purchased 20,000 shares at a cost of $61.28 each, for a total investment of $1.23M. This purchase marks the first one filed by Woods in the past year. Argo Group International Holdings is trading up about 0.6% on the day Monday.
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