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.

On Thursday, Graham's CEO, James R. Lines, made a $223,329 purchase of GHM, buying 12,357 shares at a cost of $18.07 a piece. So far Lines is in the green, up about 5.4% on their purchase based on today's trading high of $19.05. Graham is trading down about 4.2% on the day Tuesday. This buy marks the first one filed by Lines in the past twelve months.

And also on Thursday, President, EMEA Giovanni Pieraccioni bought $178,179 worth of Coty, buying 15,203 shares at a cost of $11.72 each. Before this latest buy, Pieraccioni made one other purchase in the past year, buying $1.20M shares at a cost of $12.91 each. Coty, is trading up about 1.9% on the day Tuesday. Investors are able to bag COTY even cheaper than Pieraccioni did, with the stock changing hands as low as $11.43 in trading on Tuesday -- that's 2.5% under Pieraccioni's purchase price.