This ASX 200 director bought $1.5 million worth of his company’s shares in July…and he’s still buying

A woman is excited as she reads the latest rumour on her phone.A woman is excited as she reads the latest rumour on her phone.

While the S&P/ASX 200 Index (ASX: XJO) is heading south today, this isn’t 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 retailer’s 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 company’s 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 lister’s 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, it’s down 21% over the last 12 months.

Year to date has fared slightly better, a 6% loss for the period.

Based on today’s 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 company’s shares in July…and he’s still buying appeared first on The Motley Fool Australia.

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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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