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 Wednesday, JMP Group (NYSE:JMP)'s CEO, Joseph A. Jolson, made a $125,554 purchase of JMP, buying 31,469 shares at a cost of $3.99 each. Bargain hunters can pick up JMP at a price even lower than Jolson did, with shares trading as low as $3.89 in trading on Friday which is 2.5% below Jolson's purchase price. JMP Group is trading trading flat on the day Friday. Before this latest buy, Jolson purchased JMP on 20 other occasions during the past year, for a total cost of $2.35M at an average of $4.70 per share.
And on Thursday, Chairman & Interim CEO Richard S. Grant purchased $105,080 worth of Compass Minerals International (NYSE:CMP), purchasing 2,000 shares at a cost of $52.54 each. Compass Minerals International is trading up about 2.7% on the day Friday. So far Grant is in the green, up about 4.2% on their purchase based on today's trading high of $54.75.
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