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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Solar Capital, a filing with the SEC revealed that on Thursday, See Remarks Michael S. Gross bought 41,000 shares of SLRC, at a cost of $19.41 each, for a total investment of $795,820. Bargain hunters are able to grab SLRC even cheaper than Gross did, with the stock trading as low as $18.35 in trading on Friday which is 5.5% under Gross's purchase price. Solar Capital is trading off about 4.3% on the day Friday. Before this latest buy, Gross made one other buy in the past twelve months, purchasing $167,523 shares for a cost of $21.54 each.
And at MRC Global, there was insider buying on Wednesday, by Director H. B. Wehrle III who bought 50,000 shares at a cost of $8.88 each, for a trade totaling $444,000. This purchase marks the first one filed by Wehrle III in the past year. MRC Global is trading up about 0.2% on the day Friday. Bargain hunters have the opportunity to snag MRC at a price even lower than Wehrle III did, with the stock trading as low as $8.45 at last check today -- that's 4.8% under Wehrle III's purchase price.
For MarketNewsVideo.com, I'm Sayoko Murase.