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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, Monro's CEO & President, Michael T. Broderick, made a $296,930 buy of MNRO, purchasing 5,000 shares at a cost of $59.39 each. Monro is trading up about 3.3% on the day Tuesday. Before this latest buy, Broderick made one other purchase in the past year, buying $622,362 shares for a cost of $62.24 a piece.
And at Meridian, there was insider buying on Monday, by Director Robert M. Casciato who purchased 10,000 shares for a cost of $26.95 each, for a trade totaling $269,508. This purchase marks the first one filed by Casciato in the past year. Meridian is trading up about 1.4% on the day Tuesday.
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