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 Monday, Crown Castle International ( CCI )'s Director, J. Landis Martin, made a $4.77M purchase of CCI, buying 60,000 shares at a cost of $79.47 each. Investors are able to snag CCI even cheaper than Martin did, with shares trading as low as $78.27 at last check today which is 1.5% under Martin's purchase price. Crown Castle International is trading up about 0.7% on the day Wednesday.
And at hhgregg ( HGG ), there was insider buying on Tuesday, by Chief Financial Officer Robert James Riesbeck who purchased 100,000 shares at a cost of $4.86 each, for a trade totaling $486,000. hhgregg is trading up about 8.5% on the day Wednesday. So far Riesbeck is in the green, up about 8.8% on their purchase based on today's trading high of $5.29.