3 ASX shares that insiders have been buying

One bullish signal that I pay a lot of attention to is insider buying. After all, directors should know their respective companies better than anyone. So if they are confident enough to buy shares, then chances are things are going well for a company.

With that in mind, here are three companies that have experienced a spot of insider buying in recent days:

Platinum Asset Management Limited (ASX: PTM)

Yesterday it was revealed that Michael Cole bought 40,000 Platinum Asset Management shares on-market for a total consideration of $266,600. This lifted his holding by 20% to a total of 240,000 shares. Mr Cole, who is Platinum’s chairman, appears to believe that the recent sizeable decline in the company’s share price is a buying opportunity. I would have to agree on this. After all, the fund manager’s shares are down over 28% from their 52-week high.

Star Entertainment Group Ltd (ASX: SGR)

According to a change of director’s interest notice, Richard Sheppard has picked up 20,000 shares in the casino and resort operator for $107,680 through an on-market trade. This has lifted the non-executive director’s holding by 25% to a total of 100,000 shares. Star Entertainment’s shares came under pressure recently after the release of a disappointing half-year result which revealed a 76.8% decline in statutory net profit after tax to $33 million. Mr Sheppard certainly is braver than I am.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

A change of director’s interest notice reveals that Stephen Ward has picked up 30,000 shares in the Sydney Airport operator for $190,200 via an on-market trade. This has more than doubled the holding of the chairman of Sydney Airport’s Nomination and Remuneration Committee to 51,818 shares. I thought Sydney Airport’s half-year results were amongst the best on the market during earnings season, so I can’t say I’m surprised by the purchase.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia owns shares of Platinum Investment Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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