While the S&P/ASX 200 Index (ASX: XJO) is heading south today, this isnât the case for the Eagers Automotive Ltd (ASX: APE) share price.
This comes after the company announced another sizeable share purchase from one of its directors.
During mid-afternoon trade, the automotive retailerâs shares are swapping hands at $12.58, up 2.11%.
For context, the benchmark ASX 200 index is trading at 6,963.4 points, down 0.42%.
Eagers Automotive insider buying action continues
Despite the Eagers Automotive share price surging 26% in a month, the companyâs non-executive director, Nick Politis is continuing to increase his holdings.
According to its release, Eagers Automotive advised that Politis has bought another 10,000 shares at a price of $12.41 apiece. This was conducted through via an on-market trade through his subsidiaries, W F M Motors and NGP Investments.
While the latest transaction equates to the value of around $124,000, Politis spent more than $1.5 million last month.
This means that Politis now has over 70.36 million Eagers Automotive shares and is its largest shareholder by some margin.
Last month, the company received the green light to acquire the rich listerâs privately-owned dealerships in the Australian Capital Territory.
The $193 million deal is expected to generate $450 million in annual revenue for Eagers Automotive.
It is worth nothing that since hitting a 52-week low of $8.65 on 17 June, shares in the company have risen by 45%.
Eagers Automotive share price recap
Although the Eagers Automotive share price has been in fine form lately, itâs down 21% over the last 12 months.
Year to date has fared slightly better, a 6% loss for the period.
Based on todayâs price, Eagers Automotive presides a market capitalisation of approximately $3.17 billion.
The post This ASX 200 director bought $1.5 million worth of his companyâs shares in Julyâ¦and heâs still buying appeared first on The Motley Fool Australia.
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More reading
- Guess which ASX 200 share this billionaire has been topping up on
- Here are the top 10 ASX shares today
- Eagers Automotive share price lifts on ‘improved outlook’
- Why Eagers Automotive, Viva Energy, Woolworths, and Zip shares are rising
- ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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