Friday 10/17 Insider Buying Report: AYI, ARMF Friday, October 17, 3:03 PM ET
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Wednesday, Acuity Brands (AYI)'s Director, James H. Hance Jr., made a $983,520 buy of AYI, purchasing 8,000 shares at a cost of $122.94 each. Hance Jr. was up about 7.0% on the purchase at the high point of today's trading session, with AYI trading as high as $131.53 at last check today. Acuity Brands is trading up about 2.9% on the day Friday. This purchase marks the first one filed by Hance Jr. in the past year.
And at Ares Multi Strategy Credit Fund (ARMF), there was insider buying on Wednesday, by Gregory A. Margolies who bought 5,000 shares for a cost of $19.89 each, for a trade totaling $99,450. This purchase marks the first one filed by Margolies in the past twelve months. Ares Multi Strategy Credit Fund is trading up about 0.8% on the day Friday. So far Margolies is in the green, up about 1.4% on their buy based on today's trading high of $20.16.
For MarketNewsVideo.com, I'm Kristin Bianco.
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