Insiders have been buying these ASX shares

Once a week I like to look at which ASX shares have been experiencing insider buying. This is because insider buying is often regarded as a bullish indicator as few should know a company, its prospects, and true value better than its own directors.

Four shares which have been experiencing meaningful insider buying this week are listed below:

Challenger Ltd (ASX: CGF)

According to a change of director’s interest notice, the annuities company’s director of the board, Steven Gregg, has picked up 4,000 shares at $12.29 per share through an on-market trade on June 14. This took Mr Gregg’s holding up to 14,000 shares. Although the market hasn’t responded overly positively to Challenger’s investor day on Wednesday, Mr Gregg certainly appears to have confidence in the company’s future.

Coca-Cola Amatil Ltd (ASX: CCL)

A change of director’s interest notice reveals that independent non-executive director Paul O’Sullivan has picked up 6,500 Coca-Cola Amatil shares at a price of approximately $9.18 per share through an on-market trade on June 13. This has lifted Mr O’Sullivan’s holding to 22,500 shares. Coca-Cola Amatil’s shares have been on a solid run over the last seven months, but Mr O’Sullivan doesn’t appear to believe it is too late to invest.

Graincorp Ltd (ASX: GNC)

Graincorp’s chairman Graham Bradley AM has dipped into the market recently to top up his holding. According to a change of director’s interest notice, Mr Bradley acquired 6,000 Graincorp shares for a total consideration of $48,657.04 through an on-market trade on June 8. This lifted his holding to a total of 33,500 shares. The grain exporter’s shares have fallen 22% since this time last year and to a level which its chairman appears to believe is an attractive price to buy at.

Orocobre Limited (ASX: ORE)

A change of director’s interest notice reveals that non-executive chairman Robert Hubbard has been buying shares on market this week. Mr Hubbard bought 5,000 shares for just under $25,000, lifting his holding to 70,293 shares. This purchase may put an end to concerns that the lithium miner could be struggling with its production targets.

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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 Challenger Limited. The Motley Fool Australia has recommended Coca-Cola Amatil 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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