As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let's look at two noteworthy recent insider buys.
On Tuesday, PVH Corp (NYSE:PVH)'s CEO, Emanuel Chirico, made a $9.99M buy of PVH, purchasing 133,155 shares at a cost of $74.99 each. Chirico was up about 9.0% on the buy at the high point of today's trading session, with PVH trading as high as $81.77 in trading on Wednesday. PVH Corp is trading up about 7% on the day Wednesday. Before this latest buy, Chirico made one other buy in the past year, purchasing $955,055 shares for a cost of $95.51 each.
And at New Media Investment Group (NEWM), there was insider buying on Friday, by Chief Executive Officer Michael Reed who purchased 250,000 shares for a cost of $8.78 each, for a trade totaling $2.2M. Before this latest buy, Reed made one other buy in the past twelve months, purchasing $1.07M shares at a cost of $14.22 each. New Media Investment Group is trading up about 2.9% on the day Wednesday. Reed was up about 3.5% on the buy at the high point of today's trading session, with NEWM trading as high as $9.09 in trading on Wednesday.
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