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 Entercom Communications Corp (NYSE:ETM), a filing with the SEC revealed that on Tuesday, Chairman Emeritus Joseph M. Field bought 500,000 shares of ETM, for a cost of $9.92 each, for a total investment of $4.96M. Entercom Communications Corp is trading down about 0.5% on the day Wednesday. Before this latest buy, Field bought ETM at 9 other times during the past year, for a total cost of $9.87M at an average of $10.60 per share.
And also on Tuesday, Chief Executive Officer Timothy W. Sullivan purchased $2.25M worth of REV Group (NYSE:REVG), purchasing 100,000 shares at a cost of $22.52 each. REV Group is trading up about 4.5% on the day Wednesday. So far Sullivan is in the green, up about 2.6% on their buy based on today's trading high of $23.12.
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