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Insiders have been buying Telstra and these ASX shares this week

At the end of each week I like to look at which shares have experienced meaningful insider buying. This is because insider buying is often regarded as a bullish indicator as few people know a company and its intrinsic value better than its own directors.

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

BWX Ltd (ASX: BWX)

According to a change of director’s interest notice, non-executive director Jodie Leonard has been buying shares on-market this month. Leonard picked up 18,180 shares through an on-market trade on March 1 for an average price of $2.20 per share. This more than doubled her holding in the personal care products company to 34,180 shares. It appears that this director believes that BWX is over the worst of its issues now.

Myer Holdings Ltd (ASX: MYR)

A change of director’s interest notice reveals that this department store operator’s chief executive officer, John King, has topped up is holding this week. According to the note, Mr King bought 150,000 shares through an on-market trade on March 7. The executive paid a total of $69,625 or 46.4 cents for the shares, which increased his holding to 400,000 shares and a large number of options and performance rights. Earlier this week Myer released its better than expected half year results which revealed a 2.8% decline in sales to $1,671.4 million, but a 3.1% increase in profit after tax to $41.2 million.

Telstra Corporation Ltd (ASX: TLS)

One of this telco giant’s executives has been buying its shares on-market this week. According to a change of director’s interest notice, non-executive director Dr Nora Scheinkestel picked up 7,875 shares through an on-market trade on March 4 for a total of consideration of $24,959.70 or $3.17 per share. This increased Dr Scheinkestel’s holding to a total of 120,410 shares, including both indirect and direct holdings.

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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 and Telstra 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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