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 Mayville Engineering, a filing with the SEC revealed that on Wednesday, Director Timothy L. Christen bought 12,500 shares of MEC, for a cost of $8.94 each, for a total investment of $111,798. Mayville Engineering is trading up about 5.3% on the day Friday. Before this latest buy, Christen made one other purchase in the past year, buying $85,000 shares at a cost of $17.00 a piece.
And at New Residential Investment, there was insider buying on Wednesday, by Director Robert McGinnis who bought 4,500 shares for a cost of $15.73 each, for a total investment of $70,777. This buy marks the first one filed by McGinnis in the past twelve months. New Residential Investment is trading up about 0.8% on the day Friday. So far McGinnis is in the green, up about 1.5% on their buy based on today's trading high of $15.96.
For MarketNewsVideo.com, I'm Sayoko Murase.