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, PIMCO Municipal Income Fund II ( PML )'s , William H. Gross, made a $735,726 buy of PML, purchasing 61,692 shares at a cost of $11.93 each. Gross was up about 1.1% on the buy at the high point of today's trading session, with PML trading as high as $12.06 in trading on Thursday. PIMCO Municipal Income Fund II is trading up about 0.2% on the day Thursday. This buy marks the first one filed by Gross in the past twelve months.
And on Monday, Director James M. Loree bought $604,070 worth of Harsco ( HSC ), buying 23,000 shares at a cost of $26.26 a piece. Harsco is trading down about 3.6% on the day Thursday.