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 Monday, Delta Air Lines (NYSE:DAL)'s Director, Francis S. Blake, made a $249,743 purchase of DAL, buying 5,185 shares at a cost of $48.17 a piece. Delta Air Lines is trading up about 0.3% on the day Tuesday. This purchase marks the first one filed by Blake in the past year.
And on Thursday, Director Kathryn Hayley bought $150,570 worth of First Midwest Bancorp (NASDAQ:FMBI), buying 7,000 shares at a cost of $21.51 a piece. First Midwest Bancorp is trading flat on the day Tuesday. Hayley was up about 4.7% on the purchase at the high point of today's trading session, with FMBI trading as high as $22.53 in trading on Tuesday.
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