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.
A number of shares have reported meaningful insider buying this week. Here are a few that caught my eye:
Bingo Industries Ltd (ASX: BIN)
According to a change of director's interest notice, one of this waste management company's independent non-executive directors has been buying shares on-market this week. The notice reveals that Maria Atkinson bought 9,480 shares through an on-market trade on October 16. The director paid a total of $20,081.91 for the shares, which translates as an average of $2.12 per share. This purchase lifted Atkinson's holding to a total of 70,646 shares.
Helloworld Travel Ltd (ASX: HLO)
The chief executive officer of this travel company has been buying shares on-market recently. According to its change of director's interest notice, Andrew Burnes picked up 15,000 shares through an on-market trade on October 11. Mr Burnes paid a total of $69,099.70, which equates to an average of ~$4.61 per share. This brought the chief executive's holding to a total of 29,015,636, comprising a direct holding of 10,485,531 shares and an indirect holding of 18,530,105 shares.
Myer Holdings Ltd (ASX: MYR)
The chief executive officer of this department store operator has also been buying shares on-market this week. According to a change of director's interest notice, John King dipped into the market on October 16 with the purchase of 50,000 shares. This set the chief executive back $29,500.00, which equates to an average of 59 cents per share. The purchase increased Mr King's holding in Myer by 10% to 550,000 shares. It could be a sign that Myer's CEO is confident in the direction the company is going.
