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.
On Wednesday, Advent Claymore Convertible Securities and Income Fund (NYSE:AVK)'s CEO, Tracy V. Maitland, made a $293,958 purchase of AVK, buying 20,000 shares at a cost of $14.70 each. Investors can snag AVK even cheaper than Maitland did, with shares changing hands as low as $14.43 in trading on Monday — that's 1.8% below Maitland's purchase price. Advent Claymore Convertible Securities and Income Fund is trading flat on the day Monday. Before this latest buy, Maitland bought AVK on 3 other occasions during the past year, for a total cost of $1.26M at an average of $15.69 per share.
And at New York REIT (NYSE:NYRT), there was insider buying on Friday, by Director Howard Goldberg who bought 10,000 shares at a cost of $14.22 each, for a trade totaling $142,250. New York REIT is trading up about 0.6% on the day Monday. So far Goldberg is in the green, up about 1.0% on their purchase based on today's trading high of $14.37.
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