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 KKR Income Opportunities Fund (NYSE:KIO), a filing with the SEC revealed that on Wednesday, Christopher A. Sheldon purchased 14,994 shares of KIO, for a cost of $16.56 each, for a total investment of $248,271. Sheldon was up about 0.6% on the purchase at the high point of today's trading session, with KIO trading as high as $16.66 at last check today. KKR Income Opportunities Fund is trading off about 0.1% on the day Friday. This buy marks the first one filed by Sheldon in the past twelve months.
And on Tuesday, Scott C. Caraher bought $61,232 worth of Nuveen Floating Rate Income Opportunity Fund (NYSE:JRO), buying 6,000 shares at a cost of $10.21 each. Nuveen Floating Rate Income Opportunity Fund is trading up about 0.1% on the day Friday. So far Caraher is in the green, up about 0.9% on their purchase based on today's trading high of $10.30.
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