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 Otelco (NASDAQ:OTEL), a filing with the SEC revealed that on Monday, Ira Sochet bought 4,874 shares of OTEL, at a cost of $14.53 each, for a total investment of $70,838. Otelco is trading off about 2.5% on the day Wednesday. Before this latest buy, Sochet purchased OTEL on 21 other occasions during the past year, for a total investment of $7.19M at an average of $15.96 per share.
And at Resideo Technologies (NYSE:REZI), there was insider buying on Monday, by CEO Michael G. Nefkens who purchased 467 shares at a cost of $21.40 each, for a total investment of $9,994. Before this latest buy, Nefkens purchased REZI at 7 other times during the past twelve months, for a total investment of $355,166 at an average of $20.54 per share. Resideo Technologies is trading down about 1.4% on the day Wednesday. Bargain hunters are able to snag REZI at a price even lower than Nefkens did, with shares changing hands as low as $19.64 at last check today which is 8.2% under Nefkens's purchase price.
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