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 one noteworthy recent insider buy.
At MGP Ingredients (NASDAQ:MGPI), there was insider buying on Tuesday, by Director George W. Page Jr. who bought 10,000 shares for a cost of $72.36 each, for a total investment of $723,600. MGP Ingredients Inc is trading up about 1.3% on the day Thursday. Page Jr. was up about 2.3% on the purchase at the high point of today's trading session, with MGPI trading as high as $74.06 at last check today.
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