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 Wednesday, County Bancorp (NASDAQ:ICBK)'s CFO, Glen L. Stiteley, made a $49,806 buy of ICBK, purchasing 1,615 shares at a cost of $30.84 each. Investors are able to pick up ICBK at a price even lower than Stiteley did, with the stock trading as low as $28.51 at last check today which is 7.6% below Stiteley's purchase price. County Bancorp is trading off about 3.4% on the day Friday. Before this latest buy, Stiteley bought ICBK at 2 other times during the past twelve months, for a total cost of $92,323 at an average of $27.67 per share.
And at Biomerica (NASDAQ:BMRA), there was insider buying on Thursday, by Director Francis Cano who purchased 11,800 shares for a cost of $4.18 each, for a total investment of $49,324. This purchase marks the first one filed by Cano in the past twelve months. Biomerica is trading up about 1.5% on the day Friday. Bargain hunters can buy BMRA even cheaper than Cano did, with the stock trading as low as $4.00 in trading on Friday which is 4.3% below Cano's purchase price.
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