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 one noteworthy recent insider buy.
On Wednesday, Director Frank L. Sims purchased $320,510 worth of South Jersey Industries ( SJI ), purchasing 5,564 shares at a cost of $57.60 each. Before this latest buy, Sims made one other purchase in the past twelve months, buying $44,200 shares at a cost of $55.25 each. South Jersey Industries is trading up about 0.9% on the day Friday. Sims was up about 1.3% on the buy at the high point of today's trading session, with SJI trading as high as $58.36 at last check today.