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 ARMOUR Residential REIT, a filing with the SEC revealed that on Friday, Chairman of the Board Daniel C. Staton bought 12,863 shares of ARR, for a cost of $19.51 each, for a total investment of $250,957. ARMOUR Residential REIT is trading up about 0.9% on the day Monday. This purchase marks the first one filed by Staton in the past year.
And on Wednesday, Ira Sochet purchased $115,999 worth of Otelco, purchasing 7,508 shares at a cost of $15.45 each. Before this latest buy, Sochet bought OTEL at 17 other times during the past twelve months, for a total investment of $5.59M at an average of $15.58 per share. Otelco Inc is trading up about 0.8% on the day Monday. Sochet was up about 3.4% on the purchase at the high point of today's trading session, with OTEL trading as high as $15.98 in trading on Monday.
For MarketNewsVideo.com, I'm Sayoko Murase.