Thursday 6/11 Insider Buying Report: BRC, LEE
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Brady, a filing with the SEC revealed that on Wednesday, CEO Vineet A. Nargolwala purchased 13,011 shares of BRC, for a cost of $76.86 each, for a total investment of $1.00M. Nargolwala was up about 4.1% on the buy at the high point of today's trading session, with BRC trading as high as $79.98 in trading on Thursday. Brady Corp is trading up about 1.5% on the day Thursday.
And at Lee Enterprises, there was insider buying on Monday, by David Henry Hoffmann who purchased 43,325 shares at a cost of $10.95 each, for a total investment of $474,332. Before this latest buy, Hoffmann bought LEE on 9 other occasions during the past twelve months, for a total cost of $3.91M at an average of $9.34 per share. Lee Enterprises, is trading off about 2.9% on the day Thursday. Bargain hunters are able to buy LEE at a price even lower than Hoffmann did, with the stock changing hands as low as $9.59 in trading on Thursday which is 12.4% below Hoffmann's purchase price.
VIDEO: Thursday 6/11 Insider Buying Report: BRC, LEE