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 Gannet, a filing with the SEC revealed that on Friday, Director Laurence Tarica bought 50,000 shares of GCI, for a cost of $4.50 each, for a total investment of $225,000. Tarica was up about 31.8% on the buy at the high point of today's trading session, with GCI trading as high as $5.93 at last check today. Gannett is trading up about 7% on the day Wednesday. Before this latest buy, Tarica made one other purchase in the past twelve months, buying $370,000 shares for a cost of $1.85 each.
And at BJ's Wholesale Club Holdings, there was insider buying on Monday, by Director Steven L. Ortega who purchased 2,455 shares at a cost of $81.26 each, for a total investment of $199,493. BJ's Wholesale Club Holdings is trading up about 1.1% on the day Wednesday.
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