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 Commercial Metals, a filing with the SEC revealed that on Friday, CEO Peter R. Matt bought 8,230 shares of CMC, at a cost of $61.30 each, for a total investment of $504,499. Matt was up about 4.4% on the purchase at the high point of today's trading session, with CMC trading as high as $63.97 at last check today. Commercial Metals is trading up about 1.6% on the day Monday.
And on Thursday, Gregory A. Sandfort purchased $99,980 worth of Genesco, purchasing 2,958 shares at a cost of $33.80 each. This purchase marks the first one filed by Sandfort in the past twelve months. Genesco is trading up about 1.7% on the day Monday. Sandfort was up about 5.1% on the purchase at the high point of today's trading session, with GCO trading as high as $35.52 in trading on Monday.
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