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 Agilysys, a filing with the SEC revealed that on Wednesday, CEO Ramesh Srinivasan bought 10,000 shares of AGYS, at a cost of $25.13 each, for a total investment of $251,300. Agilysys is trading up about 1.8% on the day Monday. Before this latest buy, Srinivasan purchased AGYS on 2 other occasions during the past twelve months, for a total investment of $638,467 at an average of $20.60 per share.
And on Friday, Senior Vice President Miguel Alvarez purchased $247,238 worth of Steel Dynamics, purchasing 8,920 shares at a cost of $27.72 a piece. Steel Dynamics is trading up about 5.7% on the day Monday.
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