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 JOANN, a filing with the SEC revealed that on Tuesday, CEO Wade D. Miquelon bought 47,550 shares of JOAN, at a cost of $11.36 each, for a total investment of $540,035. So far Miquelon is in the green, up about 19.2% on their purchase based on today's trading high of $13.54. JOANN is trading up about 5.5% on the day Wednesday. Before this latest buy, Miquelon made one other buy in the past twelve months, purchasing $660,000 shares for a cost of $12.00 a piece.
And also on Tuesday, Portfolio Manager Laird Landmann bought $495,908 worth of TCW Strategic Income Fund, buying 87,525 shares at a cost of $5.67 a piece. Before this latest buy, Landmann bought TSI at 4 other times during the past year, for a total cost of $267,724 at an average of $5.66 per share. TCW Strategic Income Fund is trading off about 0.2% on the day Wednesday.
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