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.
At Ulta Beauty, a filing with the SEC revealed that on Thursday, CEO Kecia Steelman purchased 1,440 shares of ULTA, at a cost of $346.89 each, for a total investment of $499,528. So far Steelman is in the green, up about 7.7% on their buy based on today's trading high of $373.52. Ulta Beauty is trading up about 0.8% on the day Tuesday.
And at Titan Machinery, there was insider buying on Monday, by Chairman David Joseph Meyer who bought 25,524 shares at a cost of $16.83 each, for a trade totaling $429,659. Before this latest buy, Meyer made one other buy in the past year, purchasing $996,600 shares for a cost of $18.12 a piece. Titan Machinery is trading up about 4% on the day Tuesday. Meyer was up about 12.4% on the buy at the high point of today's trading session, with TITN trading as high as $18.91 at last check today.
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