I like to keep a close eye on 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:
Super Retail Group Ltd (ASX: SUL)
According to a change of director's interest notice, one of this retail group's independent non-executive directors has more than doubled their holding with a purchase of shares this week. The notice reveals that Peter Everingham picked up 23,000 shares through an on-market trade on March 9. Mr Everingham paid a total consideration of $187,018.20 for the shares, which works out to be an average of $8.13 per share. The Super Retail director now owns 40,000 shares.
Suncorp Group Ltd (ASX: SUN)
One of this insurance and banking giant's non-executive directors has taken advantage of a sharp pullback in its share price to top up their position. According to a change of director's interest notice, Sylvia Falzon also more than doubled her holding with the purchase of 8,972 shares through an on-market trade on March 4. This took Ms Falzon's holding to a total of 16,592 shares. The director paid an average of $11.16 per share, which works out to be a total consideration of just over $100,000.
Telstra Corporation Ltd (ASX: TLS)
A change of director's interest notice reveals that non-executive director, Elana Rubin, has been buying this telco giant's shares. According to the notice, Rubin picked up a total of 14,367 shares through an on-market trade of March 4. The director paid a total of $49,997.16 for the parcel, which works out to be an average of $3.48 per share. This lifted Rubin's holding to a total of 51,728 shares.
