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Insiders have been buying Myer and these 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.

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.

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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 Helloworld 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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