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 Tuesday, Range Resources Corp (NYSE:RRC)'s Director, Steffen E. Palko, made a $500,609 buy of RRC, purchasing 34,000 shares at a cost of $14.72 a piece. Bargain hunters are able to pick up RRC at a price even lower than Palko did, with the stock trading as low as $14.43 in trading on Wednesday which is 2.0% under Palko's purchase price. Range Resources Corp is trading down about 1.2% on the day Wednesday. Before this latest buy, Palko made one other purchase in the past year, buying $252,180 shares at a cost of $16.81 a piece.
And also on Tuesday, CEO Howard Levkowitz purchased $137,464 worth of TCP Capital Corp. (NASDAQ:TCPC), purchasing 9,000 shares at a cost of $15.27 each. TCP Capital Corp. is trading down about 0.1% on the day Wednesday.
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