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.
On Tuesday, Culp’s Director, Kenneth W. McAllister, made a $20,500 purchase of CULP, buying 2,000 shares at a cost of $10.25 a piece. Culp is trading up about 2.3% on the day Wednesday. Before this latest buy, McAllister purchased CULP on 2 other occasions during the past twelve months, for a total investment of $38,670 at an average of $12.89 per share.
And at Citizens & Northern, there was insider buying on Tuesday, by Director Frank G. Pellegrino who purchased 397 shares at a cost of $19.02 each, for a trade totaling $7,552. Before this latest buy, Pellegrino bought CZNC at 11 other times during the past year, for a total cost of $46,757 at an average of $23.47 per share. Citizens & Northern is trading off about 0.1% on the day Wednesday.
VIDEO: Wednesday 7/8 Insider Buying Report: CULP, CZNC
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