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, PBF Energy (NYSE:PBF)'s, Carso, S.A. de C.V. Inversora, made a $7.57M purchase of PBF, buying 240,455 shares at a cost of $31.48 each. Inversora was up about 3.5% on the buy at the high point of today's trading session, with PBF trading as high as $32.59 at last check today. PBF Energy is trading up about 3.4% on the day Monday. Before this latest buy, Inversora purchased PBF on 14 other occasions during the past twelve months, for a total investment of $138.93M at an average of $26.25 per share.
And also on Wednesday, Director David Pace bought $223,907 worth of Red Robin Gourmet Burgers (NASDAQ:RRGB), buying 8,200 shares at a cost of $27.31 a piece. This purchase marks the first one filed by Pace in the past year. Red Robin Gourmet Burgers is trading off about 0.3% on the day Monday.
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