Insiders have been buying these 3 ASX shares

At the end of each week I like to look at which shares have experienced insider buying.

This is because insider buying is generally seen as a bullish indicator as few know a company, its industry, prospects, and true value better than its own directors.

Three shares which have reported meaningful insider buying this week are listed below:

InvoCare Limited (ASX: IVC)

According to a change of director’s interest notice, independent non-executive director Bart Vogel picked up 2,965 shares at an average price of $12.58 per share this week. This brought Mr Vogel’s holding in the funerals company to a total of 15,000 shares. InvoCare’s shares have fallen 8% this month after a soft full year result. While I think it is a quality company, I intend to wait for its performance to improve before making a move.

Speedcast International Ltd (ASX: SDA)

This week no less than five separate directors have been buying the shares of this provider of satellite-based communication networks and services in the satellite service provider industry. The largest purchase came from CEO Pierre-Jean Beylier who picked up 86,200 shares through on-market trades on Wednesday for an average price of $4.06 per share or a total consideration of approximately $350,000. Not far behind was independent non-executive director Grant Ferguson who picked up 35,000 shares at an average price of approximately $3.99 per share through an on-market trade. Clearly the company’s directors think Speedcast’s shares have fallen into bargain territory after a massive decline this week following a downward revision to its full year guidance.

Super Retail Group Ltd (ASX: SUL)

A change of director’s interest notice reveals that non-executive director Howard Mowlem picked up 10,000 shares through an on-market trade this week for a total consideration of $97,469.90. This doubled Mr Mowlem’s interest in the company to 20,000 shares. Mr Mowlem isn’t the only one that thinks Super Retail’s shares are in the buy zone. A broker note out of Goldman Sachs last week revealed that its analysts had retained its buy rating and lifted the price target on Super Retail’s shares to $10.85 after the release of a strong full year result.

I like Super Retail for its growth potential but also its generous dividend. Just like this fast-growing share which is in the buy zone today if you ask me.

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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 Super Retail Group Limited. The Motley Fool Australia has recommended InvoCare 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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