Insiders appear to be backing these S&P/ASX 200 Index (ASX: XJO) shares, with three directors bolstering holdings in their own companies this week.
Insider buying is generally a good sign that those in the know believe their company’s stock is trading at a reasonable price. It can also be an indication that those working behind the scenes have confidence in their business.
So, which ASX 200 shares seemingly appear attractive to those in the know? Keep reading to find out.
3 ASX 200 shares being bought by insiders this week
The largest insider purchase of the three ASX 200 shares by value was made by Cochlear Limited (ASX: COH) director Michael del Prado.
The director forked out US$192,000 on 150 shares in the hearing implant device manufacturer, paying US$128 apiece to do so, on Tuesday.
The purchase was made on the United States over-the-counter market and boosted Prado’s holding in the company to 450 shares.
The largest by number of shares was an indirect on-market trade of 15,000 shares in Iluka Resources Limited (ASX: ILU).
Chair of the mineral sands miner, Rob Cole, was behind the purchase, made on Monday. He paid a total of $130,654.14 for the parcel, representing around $8.71 per share. The insider now holds 37,000 shares in the company.
The buy has already turned a slight return. The Iluka share price is trading at $8.79 right now.
The final ASX 200 insider buying shares in their own company this week is IGO Ltd (ASX: IGO) director Justin Osborne.
He indirectly bought 10,000 shares in the diversified metals miner on Tuesday, spending a combined $148,350 to do so. That equates to around $14.835 per stock.
Unfortunately for Osborne, the company’s share price has since slipped. Buying into the company right now would see an investor pay $14.74 a share. That’s 0.6% less than the director’s purchase price.
The post 3 ASX 200 directors buying up their company shares this week appeared first on The Motley Fool Australia.
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More reading
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- Perpetual share price surges 9% on new takeover bid
- Coles shares underperformed the market last month. What’s next?
- ASX 200 dives on hawkish Federal Reserve interest rate policies
- Are IGO shares a buy after a huge quarter of profit growth?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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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