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Insiders have been buying these ASX shares

Once a week I like to look at which shares have been experiencing insider buying.

This is because insider buying is often regarded as a bullish indicator as nobody should theoretically know a company and its prospects better than its own directors.

Three shares which have been experiencing meaningful insider buying recently are listed below:

BWX Ltd (ASX: BWX)

According to a change of director’s interests filing, John Humble, the CEO of BWX, picked up 164,754 shares at an average price of $4.859 per share through an on-market trade on Friday of last week. This $800,000 purchase increased Mr Humble’s ownership to a total of 10,750,000 shares of the company behind the Sukin skincare range. BWX’s shares were down an incredible 41% from their 52-week high at the time of Humble’s purchase, which could be an indication that he feels they have bottomed now. I think BWX is well worth a closer look at these levels.

OZ Minerals Limited (ASX: OZL)

Independent non-executive director Peter Tomsett dipped into the market recently to pick up some of this copper miner’s shares. A change of director’s interests filing reveals that Mr Tomsett bought 10,000 shares through an on-market trade for a combined price of $93,400. With the global economy tipped to growth strongly over the next couple of years, Mr Tomsett appears to believe that OZ Minerals will be in a strong position to profit from favourable copper prices and its acquisition plans.

Scentre Group (ASX: SCG)

A change of director’s interests filing reveals that non-executive director Aliza Knox has been buying shares of the retail property manager. According to the release, Ms Knox picked up 25,500 securities at an average price of $3.875 per security through an on-market trade this week. This increased her holding in the company by almost 58% to 60,400 securities. This could arguably be a good time for an investment. Earlier this month equity analysts at Macquarie slapped an outperform rating and $4.43 price target on Scentre’s shares.

As well as BWX, I think that these growth shares are in the buy zone today.

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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 BWX Limited. The Motley Fool Australia has recommended Scentre Group. 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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