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 Friday, Central Securities' Director, David Martin Poppe, made a $165,988 purchase of CET, buying 5,000 shares at a cost of $33.20 a piece. Thus far Poppe is down about 0.7% on the purchase, with shares trading as low as $32.95 at last check today. Central Securities is trading up about 0.1% on the day Monday. This buy marks the first one filed by Poppe in the past year.
And on Thursday, Director Jason Philip Dinapoli purchased $118,668 worth of Heritage Commerce, purchasing 10,000 shares at a cost of $11.87 each. Before this latest buy, Dinapoli bought HTBK at 4 other times during the past year, for a total cost of $244,261 at an average of $12.21 per share. Heritage Commerce is trading up about 0.4% on the day Monday. Bargain hunters have the opportunity to snag HTBK at a price even lower than Dinapoli did, with the stock trading as low as $11.63 at last check today which is 2.0% under Dinapoli's purchase price.
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