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.
At Iron Mountain (NYSE:IRM), a filing with the SEC revealed that on Tuesday, Director Alfred J. Verrecchia bought 5,000 shares of IRM, at a cost of $32.49 each, for a total investment of $162,450. Bargain hunters are able to snag IRM even cheaper than Verrecchia did, with shares trading as low as $31.76 at last check today which is 2.2% under Verrecchia's purchase price. Iron Mountain is trading up about 0.8% on the day Friday.
And on Wednesday, EVP, Chief Risk Officer W. Timothy Macdonald purchased $105,117 worth of Boston Private Financial Holdings (NASDAQ:BPFH), purchasing 6,943 shares at a cost of $15.14 a piece. Before this latest buy, Macdonald bought BPFH on 2 other occasions during the past twelve months, for a total investment of $239,548 at an average of $15.34 per share. Boston Private Financial Holdings is trading up about 1.5% on the day Friday. Investors are able to snag BPFH even cheaper than Macdonald did, with the stock trading as low as $14.05 in trading on Friday -- that's 7.2% under Macdonald's purchase price.
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