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 CenturyLink (NYSE:CTL), a filing with the SEC revealed that on Wednesday, CFO Indraneel Dev purchased 50,000 shares of CTL, for a cost of $11.75 each, for a total investment of $587,500. CenturyLink is trading up about 4.6% on the day Thursday. This purchase marks the first one filed by Dev in the past twelve months.
And also on Wednesday, EVP/Chief Banking Officer Michael Olague bought $403,288 worth of Sierra Bancorp (NASDAQ:BSRR), buying 15,000 shares at a cost of $26.89 a piece. Sierra Bancorp is trading flat on the day Thursday. Investors have the opportunity to buy BSRR even cheaper than Olague did, with shares trading as low as $26.02 in trading on Thursday which is 3.2% under Olague's purchase price.
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