Tuesday 11/20 Insider Buying Report: PTY, JCP Tuesday, November 20, 12:50 PM ET
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.
At PIMCO Corporate Opportunity Fund (PTY), a filing with the SEC revealed that on Thursday, William H. Gross bought 169,693 shares of PTY, for a cost of $18.94 each, for a total investment of $3.21M. So far Gross is in the green, up about 6.0% on their purchase based on today's trading high of $20.08. PIMCO Corporate Opportunity Fund is trading off about 0.3% on the day Tuesday. Before this latest buy, Gross purchased PTY at 2 other times during the past twelve months, for a total investment of $8.69M at an average of $19.40 per share.
And at J.C. Penney Co., Inc. (JCP), there was insider buying on Friday, by Director Javier G. Teruel who purchased 126,000 shares for a cost of $15.98 each, for a total investment of $2.01M. J.C. Penney Co., Inc. is trading up about 1.7% on the day Tuesday. So far Teruel is in the green, up about 8.0% on their buy based on today's trading high of $17.25.
For MarketNewsVideo.com, I'm Sayoko Murase.
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