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Insiders have been buying CBA and 2 other ASX shares this week

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:

Citadel Group Ltd (ASX: CGL)

A number of this secure enterprise information management company’s directors have been buying shares on market this week. According to a series of change of director’s interest notices, independent non-executive director Peter Leahy, non-executive director Mark McConnell, and chairman Kevin McCann all bought shares through on-market trades on May 28. Mr McCann made the largest purchase – 10,000 shares for a total of $44,221. It appears as though the board believe the Citadel share price decline this year is a buying opportunity.

Commonwealth Bank of Australia (ASX: CBA)

A change of director’s interest notice reveals that this banking giant’s independent non-executive director, Anne Templeman-Jones, has purchased shares this week. According to the notice, Templeman-Jones picked up 192 shares for an average of $78.09 per share through an on-market trade on May 27. This equates to a total consideration of just under $15,000 and brought her holding in the company to a total of 1038 shares (both direct and indirect).

OZ Minerals Limited (ASX: OZL)

A non-executive director of this leading copper miner has followed the lead of its chairman and bought shares on-market this week. Last week chairman Rebecca McGrath picked up 4,900 OZ Minerals shares, whereas this week Ms Tonianne Dwyer has snapped up 5,000 shares through an on-market trade on Wednesday. Ms Dwyer paid an average of $9.29 per share or a total consideration of $46,450. This brought her holding up to a total of 15,000 shares. It appears as though the OZ Minerals board sees a lot of value in the company’s shares at the current level.

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