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 Monday, SITE Centers Corp (NYSE:SITC)'s CEO, David R. Lukes, made a $165,000 purchase of SITC, buying 15,000 shares at a cost of $11.00 a piece. So far Lukes is in the green, up about 3.6% on their purchase based on today's trading high of $11.40. SITE Centers Corp is trading up about 1.1% on the day Thursday.
And at Tri Continental Corporation (NYSE:TY), there was insider buying on Monday, by Yan Jin who purchased 5,000 shares for a cost of $23.40 each, for a total investment of $116,991. Tri Continental Corporation is trading down about 1.2% on the day Thursday.
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