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 Tuesday, Panhandle Oil & Gas's VP – Business Development, Raphael D'amico, made a $99,375 buy of PHX, purchasing 6,400 shares at a cost of $15.53 each. Panhandle Oil & Gas is trading up about 2.3% on the day Wednesday.
And on Monday, Director Barbara R. Snyder purchased $19,691 worth of Progressive, purchasing 292 shares at a cost of $67.34 a piece. This purchase marks the first one filed by Snyder in the past year. Progressive is trading up about 2% on the day Wednesday. Snyder was up about 5.4% on the purchase at the high point of today's trading session, with PGR trading as high as $71.00 in trading on Wednesday.
For MarketNewsVideo.com, I'm Sayoko Murase.