Once a week I like to look at which ASX shares have been experiencing insider buying.
This is because insider buying is often seen as a bullish indicator as few should know a company, its prospects, and true value better than its own directors.
Three shares which have been experiencing meaningful insider buying this week are listed below:
APA Group (ASX: APA)
According to a change of director's interest notice, independent director Peter Wasow picked up 15,000 shares in the energy infrastructure company on-market ahead of the Macquarie Australia conference this week for a total consideration of $125,844. In APA Group's presentation for the conference it confirmed that it is on track to achieve its FY 2018 EBITDA guidance forecast. The company also provided a detailed break-down of the many growth opportunities it has across Australia.
Myer Holdings Ltd (ASX: MYR)
It certainly has been a busy week of insider buying at the embattled department store operator. No less than three of its directors have dipped into the market this week to pick up shares. Executive chairman Garry Hounsell made the largest purchase when he picked up 500,000 shares on-market for a total consideration of $206,936 on Tuesday. This doubled his stake in the company to 1 million shares. Non-executive director Julie Ann Morrison snapped up 89,788 shares for a total cost of $39,896 through an on-market trade and independent non-executive director Ian Cornell snapped up 250,000 shares for a total consideration of $107,500. This buying frenzy gives me the impression that the board is optimistic that Myer's new CEO will turn its fortunes around.
OZ Minerals Limited (ASX: OZL)
Peter Wasow has also been in the market to buy shares in this leading copper producer. A change of director's interest notice reveals that he picked up 8,000 shares this week for a total consideration of $74,400. The former CEO of Alumina Limited (ASX: AWC) is also an independent non-executive director OZ Minerals. With copper prices on the rise and the global economy looking strong, I think investors might want to follow Mr Wasow's lead and consider picking up shares in OZ Minerals.
