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.
At Reynolds Consumer Products, a filing with the SEC revealed that on Thursday, Director Gregory Alan Cole purchased 7,000 shares of REYN, at a cost of $29.78 each, for a total investment of $208,462. Cole was up about 3.5% on the purchase at the high point of today's trading session, with REYN trading as high as $30.83 in trading on Friday. Reynolds Consumer Products is trading up about 2.1% on the day Friday.
And also on Thursday, CEO and Director Robert W. Pittman purchased $202,952 worth of iHeartMedia, purchasing 20,000 shares at a cost of $10.15 a piece. Before this latest buy, Pittman made one other buy in the past year, purchasing $49,904 shares at a cost of $10.85 a piece. iHeartMedia is trading up about 4.9% on the day Friday.
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