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, HD Supply Holdings (HDS)'s CEO, Joseph J. Deangelo, made a $1.85M purchase of HDS, buying 50,000 shares at a cost of $36.99 a piece. HD Supply Holdings is trading up about 2.7% on the day Tuesday. This buy marks the first one filed by Deangelo in the past twelve months.
And on Monday, CEO Todd M. Cleveland purchased $925,615 worth of Patrick Industries (NASDAQ:PATK), purchasing 30,000 shares at a cost of $30.85 a piece. This buy marks the first one filed by Cleveland in the past year. Patrick Industries is trading up about 4.2% on the day Tuesday.
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