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 Friday, Synnex Corp (NYSE:SNX)'s Director, Matthew Miau, made a $9.56M purchase of SNX, buying 122,202 shares at a cost of $78.27 a piece. So far Miau is in the green, up about 2.4% on their buy based on today's trading high of $80.15. Synnex Corp is trading down about 1.1% on the day Tuesday.
And on Monday, CEO Thomas E. Ferguson bought $228,835 worth of AZZ (NYSE:AZZ), buying 5,000 shares at a cost of $45.77 each. AZZ is trading off about 1.1% on the day Tuesday. Bargain hunters are able to snag AZZ at a price even lower than Ferguson did, with the stock changing hands as low as $45.01 in trading on Tuesday which is 1.7% below Ferguson's purchase price.
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