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, Scientific Games Corp (SGMS)'s , Ronald O. Perelman, made a $2.24M buy of SGMS, purchasing 100,000 shares at a cost of $22.41 each. Perelman was up about 3.7% on the purchase at the high point of today's trading session, with SGMS trading as high as $23.23 at last check today. Scientific Games Corp is trading trading flat on the day Thursday. Before this latest buy, Perelman bought SGMS at 7 other times during the past year, for a total cost of $27.08M at an average of $16.87 per share.
And at Arbor Realty Trust (NYSE:ABR), there was insider buying on Monday, by Director William C. Green who bought 20,000 shares for a cost of $12.83 each, for a trade totaling $256,599. This purchase marks the first one filed by Green in the past year. Arbor Realty Trust is trading up about 0.6% on the day Thursday. Green was up about 1.4% on the buy at the high point of today's trading session, with ABR trading as high as $13.01 at last check today.
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