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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, Avangrid ( AGR )'s Director, Arnold L. Chase, made a $775,250 buy of AGR, purchasing 20,000 shares at a cost of $38.76 each. So far Chase is in the green, up about 1.6% on their buy based on today's trading high of $39.40. Avangrid is trading up about 1% on the day Tuesday.
And on Friday, CEO Robert M. Clements bought $326,500 worth of EverBank Financial Corp ( EVER ), buying 25,000 shares at a cost of $13.06 a piece. This purchase marks the first one filed by Clements in the past twelve months. EverBank Financial Corp is trading up about 1.2% on the day Tuesday. Clements was up about 1.5% on the buy at the high point of today's trading session, with EVER trading as high as $13.26 at last check today.