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 two noteworthy recent insider buys.
On Wednesday, AES Corp. (NYSE:AES)'s Director, Jeffrey W. Ubben, made a $481,250 purchase of AES, buying 35,000 shares at a cost of $13.75 a piece. So far Ubben is in the green, up about 5.7% on their purchase based on today's trading high of $14.53. AES Corp. is trading up about 1.6% on the day Monday.
And on Thursday, Director Joseph D. Rupp purchased $389,616 worth of Quanex Building Products Corp (NYSE:NX), purchasing 30,000 shares at a cost of $12.99 each. This purchase marks the first one filed by Rupp in the past year. Quanex Building Products Corp is trading off about 0.4% on the day Monday. Rupp was up about 4.6% on the buy at the high point of today's trading session, with NX trading as high as $13.59 at last check today.
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