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 Meritage Homes, a filing with the SEC revealed that on Monday, Executive Chairman Steven J. Hilton purchased 11,000 shares of MTH, for a cost of $74.51 each, for a total investment of $819,610. Investors have the opportunity to snag MTH at a price even lower than Hilton did, with shares trading as low as $73.15 in trading on Thursday which is 1.8% under Hilton's purchase price. Meritage Homes is trading down about 0.1% on the day Thursday. This buy marks the first one filed by Hilton in the past year.
And on Tuesday, CEO Curt Begle bought $501,297 worth of Magnera, buying 23,786 shares at a cost of $21.08 a piece. Magnera is trading off about 0.7% on the day Thursday. So far Begle is in the green, up about 9.6% on their buy based on today's trading high of $23.09.
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