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 one noteworthy recent insider buy.
On Wednesday, Director William E. Ford purchased $819,176 worth of Blackrock (NYSE:BLK), purchasing 2,000 shares at a cost of $409.59 each. Before this latest buy, Ford purchased BLK on 3 other occasions during the past year, for a total investment of $1.51M at an average of $502.28 per share. Blackrock is trading up about 1.5% on the day Friday. Investors have the opportunity to grab BLK even cheaper than Ford did, with shares changing hands as low as $399.48 in trading on Friday which is 2.5% below Ford's purchase price.
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