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 Thursday, Morgan Stanley (NYSE:MS)'s Head of Investment Management, Daniel A. Simkowitz, made a $332,979 buy of MS, purchasing 7,000 shares at a cost of $47.57 each. Bargain hunters are able to buy MS even cheaper than Simkowitz did, with shares trading as low as $46.88 at last check today which is 1.4% under Simkowitz's purchase price. Morgan Stanley is trading off about 0.6% on the day Tuesday.
And on Monday, Director Henry G. Williamson Jr. purchased $225,040 worth of Hooker Furniture Corp (NASDAQ:HOFT), purchasing 8,000 shares at a cost of $28.13 a piece. This purchase marks the first one filed by Williamson Jr. in the past twelve months. Hooker Furniture Corp is trading up about 0.2% on the day Tuesday. Williamson Jr. was up about 1.6% on the buy at the high point of today's trading session, with HOFT trading as high as $28.58 in trading on Tuesday.
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