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 Glatfelter, a filing with the SEC revealed that on Thursday, CEO Dante C. Parrini bought 10,000 shares of GLT, at a cost of $13.49 each, for a total investment of $134,870. Glatfelter Corp is trading up about 2.8% on the day Friday. This purchase marks the first one filed by Parrini in the past twelve months.
And at Penn National Gaming, there was insider buying on Thursday, by Jane Scaccetti who purchased 1,975 shares for a cost of $49.70 each, for a total investment of $98,167. This purchase marks the first one filed by Scaccetti in the past year. Penn National Gaming is trading off about 4.1% on the day Friday. Bargain hunters can buy PENN even cheaper than Scaccetti did, with the stock trading as low as $46.92 at last check today -- that's 5.6% under Scaccetti's purchase price.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
