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 Friday, Waters' Director, Richard H. Fearon, made a $306,340 buy of WAT, purchasing 1,000 shares at a cost of $306.34 a piece. Bargain hunters have the opportunity to bag WAT at a price even lower than Fearon did, with shares trading as low as $295.02 in trading on Wednesday -- that's 3.7% under Fearon's purchase price. Waters is trading off about 1.2% on the day Wednesday. This buy marks the first one filed by Fearon in the past year.

And at Arvinas, there was insider buying on Friday, by Director Briggs Morrison who bought 20,000 shares for a cost of $13.40 each, for a total investment of $268,070. Before this latest buy, Morrison made one other buy in the past year, purchasing $227,010 shares for a cost of $7.57 a piece. Arvinas is trading off about 3.2% on the day Wednesday.