A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At Cornerstone Progressive Return Fund (CFP), 3 different insiders purchased 7,352 shares at an average price of $4.61/share, for a total of $33,893, with the most recent purchase on June 5, 2014.Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":
|06/05/2014||Glenn W. Wilcox Sr.||Director||120||$4.61||$553.20|
|06/05/2014||Scott B. Rogers||Director||2,111||$4.61||$9,731.71|
|06/05/2014||Ralph W. Bradshaw||President||5,121||$4.61||$23,607.81|
The current annualized dividend paid by Cornerstone Progressive Return Fund is $0.9276/share, currently paid in monthly installments, and its most recent dividend has an upcoming ex-date of 07/11/2014. Below is a long-term dividend history chart for CFP, which can be of good help in judging whether the most recent dividend with approx. 19.6% annualized yield is likely to continue. According to the ETF Finder at ETF Channel, CFP makes up 4.62% of the Guggenheim Timber ETF ( CUT) which is trading higher by about 0.5% on the day Monday.