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 Mack Cali Realty, a filing with the SEC revealed that on Monday, Director A. Akiva Katz purchased 240,000 shares of CLI, at a cost of $15.67 each, for a total investment of $3.76M. So far Katz is in the green, up about 5.3% on their purchase based on today's trading high of $16.50. Mack Cali Realty is trading up about 2.2% on the day Tuesday. Before this latest buy, Katz purchased CLI on 2 other occasions during the past year, for a total investment of $11.78M at an average of $14.95 per share.
And at New Residential Investment, there was insider buying on Monday, by Chairman, CEO & President Michael Nierenberg who bought 100,000 shares for a cost of $10.10 each, for a total investment of $1.01M. New Residential Investment is trading up about 0.1% on the day Tuesday. So far Nierenberg is in the green, up about 3.6% on their buy based on today's trading high of $10.47.
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