Insiders have been buying these ASX shares this week

Australian Pharmaceutical Industries Ltd (ASX:API) shares are one of three that insiders have been buying this month…

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Once a 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:

Australian Pharmaceutical Industries Ltd (ASX: API)

According to a change of director's interest notice, the chairman of this pharmacy chain operator and distributor has topped up his holding this week. Mark Smith bought 10,000 shares through on-market trades between May 8 and May 9 for a total consideration of $13,200. These purchases brought the chairman's holding up to a total of 300,000 shares. Australian Pharmaceutical Industries' shares are currently trading within touching distance of their 52 week low and at a level that this director appears to believe is good value.

Tassal Group Limited (ASX: TGR)

A change of director's interest notice reveals that independent non-executive director, John Watson, has bought shares through an on-market trade this month. According to the notice, Mr Watson picked up 10,000 shares at an average of $4.77 per share. This purchase lifted his holding to a total of 116,924 shares. The salmon and seafood producer's shares may be up over 23% over the last 12 months, but judging by this purchase, this director appears confident that there are more gains ahead.

WAM Global Ltd (ASX: WGB)

A series of change of director's interest notices reveal that WAM chairman Geoff Wilson has made no less than five separate purchases of WAM Global's shares this month. He picked up a total of around 105,000 shares in the global investment fund for an average price of ~$1.90 per share. Disappointingly for shareholders, WAM Global's shares are still trading notably lower than their IPO price of $2.20. But perhaps not for long given Mr Wilson's recent buying frenzy.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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