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 Monday, Myers Industries' CEO, Dave Basque, made a $179,350 buy of MYE, purchasing 15,000 shares at a cost of $11.96 a piece. So far Basque is in the green, up about 4.7% on their buy based on today's trading high of $12.52. Myers Industries is trading up about 1.7% on the day Wednesday.
And on Saturday, GROUP VICE PRESIDENT Steven J. Lykken bought $159,246 worth of Hormel Foods, buying 4,904 shares at a cost of $32.47 each. This buy marks the first one filed by Lykken in the past twelve months. Hormel Foods is trading off about 0.6% on the day Wednesday. Lykken was up about 4.1% on the buy at the high point of today's trading session, with HRL trading as high as $33.80 in trading on Wednesday.
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