Insider Trades: 31 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 4 and 12 March. Directors have up to 5 business days to notify the ASX of their trades.

The volume of ASX 200 director transactions have surged post-February reporting season, with insiders capitalising on recent share price weakness, better-than-expected earnings, and selling into strength.

ARB Corp: Managing Director buys the dip

Key takeaways

• ARB shares are down 13% since its half-year FY24 result (17-Feb)

• The initial share price response on 17-Feb was positive, with ARB shares up 3.8%

• The first-half result was mixed, with earnings falling short of expectations due to higher operating costs associated with growth initiatives

• Analysts generally highlighted the strong momentum in the export business, particularly in the US. While Australian aftermarket sales weakened in the first half due to softer new vehicle volumes and reduced customer demand, exports accelerated, driven by aftermarket demand and ARB's expanding partnerships. The market appeared willing to overlook near-term earnings weakness, focusing instead on the company's offshore growth potential

Helia: CEO sells into strength

Key takeaways

• Helia rallied almost 30% between 24 February and 3 March after the company reported a better-than-expected half-year result

• While net profit after tax fell 11% to $220.9 million, the figure was 4.6% ahead of Goldman Sachs' estimates. The company also issued a final ordinary dividend of 16 cents per share and a special dividend of 53 cents per share (yielding a combined ~12%)

• CEO and Managing Director Pauline Blight-Johnston has been selling around the early March highs, offloading approximately 18% of his total holdings.

National Storage: Broad-based buying

Key takeaways

• Several insiders including three non-executive directors and Managing Director Andrew Catsoulis have been buying on-market

• National Storage issued its first-half result on 26 February, which slightly trailed market expectations. The stock finished the session 2.8% lower

• A clear area of concern stemmed from the REIT's weakness in occupancy, which could continue to weigh on its outlook

• The development pipeline was another key topic of discussion. While many analysts expected enhanced returns from the development segment, a more cautious view pointed to the potential drag on earnings from increased balance sheet exposure to developments. Additionally, gearing was projected to rise towards the mid-30% range in the near term, driven by the development pipeline and incremental acquisitions

• On a more positive note, several brokers highlighted the reaffirmed FY25 underlying EPS guidance of at least $0.118. Expectations for seasonally stronger earnings in H2-25 were also noted, along with an anticipated margin expansion due to operating cost savings. Looking further ahead, a more optimistic outlook suggested EPS could achieve a CAGR of 6.5% from FY25-26

Suncorp: Insiders buy into weakness

Key takeaways

• Suncorp shares experienced a sharp fade on the day of its first-half results (12-Feb). The stock opened 5.0% higher but closed up just 1.3%, then sold off 4.5% the following day

• The first-half result beat expectations, driven by lower hazard claims, solid underlying margins, and disciplined expense management

• Despite the beat, management maintained its FY25 guidance, with no upgrades to margin expectations, which analysts saw as conservative

• While some analysts view Suncorp as a top pick in the insurance sector, others argue its valuation already reflects improved earnings, limiting near-term upside. Execution on capital deployment and pricing discipline will be key moving forward

All other ASX 200 insider trades

Key takeaways

• Telstra’s new non-executive director, David Lamont (former BHP executive), has been buying into recent strength, making his first purchase of the company with 100,000 shares. Telstra shares surged 5.6% on the day of its half-year result (20-Feb), which was largely in line with market expectations, bolstered by a strong $750 million on-market buyback and a dividend increase

• Telix shares jumped 13.8% on the day of its full-year result (21-Feb), with both earnings and guidance surpassing market expectations. Key drivers for FY25 include the continued uptake of Illuccix, expansion into Europe, and multiple regulatory approvals expected over the next 12 months. Despite climbing above $30 for the first time on record, recent market weakness has pushed the stock to the $26-28 range, where two non-executive directors have been buying

• Iress shares hit an 8-month low after falling 14.5% on the day of its full-year result. The sell-off was primarily driven by disappointing FY25 guidance, due to higher costs and investments. While near-term earnings concerns weighed on sentiment, several sell-side firms expect improvement from FY26 as transformation costs ease. CEO Marcus Price has purchased small parcels at recent lows, while Iress shares have remained relatively steady since the sell-off