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.
On Tuesday, Interpublic Group of Companies (IPG)'s Director, David M. Thomas, made a $199,988 buy of IPG, purchasing 8,650 shares at a cost of $23.12 a piece. Interpublic Group of Companies is trading up about 1.1% on the day Friday.
And at Washington Prime Group (WPG), there was insider buying on Wednesday, by Chief Executive Officer Louis G. Conforti who bought 22,500 shares at a cost of $4.55 each, for a total investment of $102,447. Before this latest buy, Conforti bought WPG at 4 other times during the past twelve months, for a total cost of $449,581 at an average of $6.30 per share. Washington Prime Group is trading up about 3.8% on the day Friday.