Insider Trades: 29 ASX 200 directors bought and sold these stocks last week

Welcome back to the Insider Trades Series – A weekly summary of on-market ASX 200 director transactions valued at more than $10,000. The trades have all taken place between 14 and 20 February. Directors have up to 5 business days to notify the ASX of their trades.

The volume of ASX 200 director transactions has come back to life as we head into the tail end of February reporting season.

Top ASX 200 Insider Buys

Key takeaways

BHP – Former NAB CEO and current BHP Non-Executive Director Ross McEwan has picked up 25,000 shares, lifting his total exposure to 35,000 shares. BHP's H1 results met expectations, with the dividend held at the minimum 50% payout as net debt nears the top of its target range. FY25 production and cost guidance were reaffirmed, though Pilbara weather disruptions lowered iron ore output expectations. The outlook remains mixed. While copper expansion is a long-term play, balancing growth, cash flow, and dividends is a challenge. Some analysts remain optimistic about funding growth while maintaining returns, while others warn rising capex could pressure future payouts.

Santos – Shares sold off 4.5% on the day of its half-year result (19 Feb). While the company had pre-reported key metrics such as free cash flow and gearing, specific cost line items including core cash costs and non-cash costs were a little disappointing, according to Macquarie. These triggered earnings downgrades, with the investment bank downgrading its FY25 EPS forecasts by 4.1%. Nevertheless, the analysts see 2025 as a year of delivery, with projects including Barossa in Q3 and potential Pikka in 2H if logistics go well.

AMP – Two Non-Executive directors are buying into weakness after the stock tumbled 14.9% on the day of its full-year results (14 Feb). AMP's FY24 result showed strong cost control, offset by margin compression in Platforms and S&I. Analysts praised cost reductions but flagged concerns over a shift from capital returns to reinvestment, with lower dividends and reduced flexibility. The bank segment remained weak, with low returns and subdued growth expectations. While net flows improved, margin risks persist. Analysts saw AMP as a leaner business but were split on valuation—some expect a re-rating from better flows and innovation, while others see banking headwinds and revenue pressures.

ASX – Two Non-Executive directors are buying into post-earnings strength. Shares in the exchange operator rallied 5% after its 1H25 result was broadly in line, with a slight beat from lower costs offsetting weaker revenue. Consensus expects ASX to benefit from fee increases, though some view current revenue growth as temporary.

Top ASX 200 Insider Sells

Key takeaways

Iluka – CEO Thomas O'Leary recently sold 1.2 million shares, valued at nearly $5.5 million, while the stock is trading near a five-year low. Iluka shares have dropped 35% over the past 12 months, primarily due to weak prices for mineral sands and rare earths. The company has also faced a series of disappointing updates in recent months, including:

• 9-Dec 2024 (-10.0%): Iluka secured additional funding from the Australian Government for its Eneabba Rare Earths Project, addressing funding uncertainties but raising concerns about execution challenges and a delayed timeline.

• 22-Jan 2025 (-6.95%): Iluka's Q4 production exceeded expectations, driven by strong synthetic rutile and zircon-in-concentrate output, but zircon sales lagged due to weak demand. 2025 guidance was disappointing, with flat production, higher costs, and further pricing pressure on zircon and rutile.