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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Wednesday, Mohawk Industries (NYSE:MHK)'s Director, Filip Balcaen, made a $2.11M buy of MHK, purchasing 10,046 shares at a cost of $209.82 each. So far Balcaen is in the green, up about 2.4% on their buy based on today's trading high of $214.88. Mohawk Industries is trading up about 1.3% on the day Friday. Before this latest buy, Balcaen made one other buy in the past year, purchasing $13.84M shares for a cost of $209.08 a piece.
And at Discovery (DISCA), there was insider buying on Wednesday, by Director J. David Wargo who bought 50,000 shares for a cost of $21.37 each, for a total investment of $1.07M. Before this latest buy, Wargo purchased DISCA on 2 other occasions during the past twelve months, for a total investment of $3.43M at an average of $17.16 per share. Discovery is trading up about 0.2% on the day Friday. So far Wargo is in the green, up about 11.8% on their buy based on today's trading high of $23.90.
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