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.
At Mohawk Industries, a filing with the SEC revealed that on Thursday, Director Filip Balcaen bought 10,000 shares of MHK, for a cost of $127.48 each, for a total investment of $1.27M. Bargain hunters are able to bag MHK even cheaper than Balcaen did, with the stock trading as low as $122.43 at last check today — that's 4.0% under Balcaen's purchase price. Mohawk Industries is trading down about 2.8% on the day Tuesday. Before this latest buy, Balcaen bought MHK on 9 other occasions during the past year, for a total investment of $81.16M at an average of $159.14 per share.
And on Friday, Director Manuel A. Fernandez bought $702,597 worth of Brunswick, buying 13,235 shares at a cost of $53.09 each. This purchase marks the first one filed by Fernandez in the past year. Brunswick is trading down about 4.5% on the day Tuesday.
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