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 Tuesday, Landec Corp. (NASDAQ:LNDC)'s Chief Financial Officer, Gregory S. Skinner, made a $281,250 purchase of LNDC, buying 25,000 shares at a cost of $11.25 each. Landec Corp. is trading up about 1.5% on the day Thursday. This buy marks the first one filed by Skinner in the past twelve months.
And at Otelco (NASDAQ:OTEL), there was insider buying on Tuesday, by Ira Sochet who purchased 11,000 shares for a cost of $16.00 each, for a total investment of $176,010. Before this latest buy, Sochet purchased OTEL at 16 other times during the past year, for a total cost of $4.67M at an average of $15.23 per share. Otelco is trading down about 1.2% on the day Thursday. Sochet was up about 3.4% on the buy at the high point of today's trading session, with OTEL trading as high as $16.55 in trading on Thursday.
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