Insider Trades: Directors are buying and selling shares in these 7 ASX 200 companies
Goodman's co-founder and Group CEO have sold a collective $31m worth of shares since late August.
Source: Shutterstock
Mentioned
KEY POINTS
- Goodman co-founder Gregory Goodman sold $19.1 million worth of shares last week
- Magellan CEO David George bought $236,750 worth of shares last week, breaking a two-year dry spell for insider transactions
- Bapcor has seen 8 buys since late February from insiders including CEO Noel Meehan and number of non-executive directors
Welcome back to the Insider Trades Series – A summary of on-market ASX 200 director transactions valued at more than $10,000 between 8-15 September 2023.
Top Insider Sells
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
Goodman Group | 15/09/23 | Sell | $22.85 | $11,425,000 | ||
Goodman Group | 15/09/23 | Sell | $22.85 | $7,745,990 | ||
Santos | 08/09/23 | Sell | $7.76 | $1,552,624 |
Goodman co-founder offloads some shares: Gregory Goodman has been the CEO and Executive Director of the company since 1998. He sold $19.1 million worth of shares, which reduces his exposure to:
Direct shares: 0 (excluding 3.4 million GMG performance rights)
Indirect shares: 38.9 million
On 24 August, Goodman's Deputy Group CEO Anthony Rozic also sold $12 million worth of shares.
Historically speaking, we have seen both directors offload some shares post earnings. We've plotted all the major insider sells for 2023 below:
Source: TradingView
Top Insider Buys
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
Magellan | 12/09/23 | Buy | $9.47 | $236,750 | ||
Santos | 12/09/23 | Buy | $7.82 | $156,400 | ||
Goodman Group | 08/09/23 | Buy | $23.20 | $134,560 | ||
National Australia Bank | 13/09/23 | Buy | $29.04 | $99,839 | ||
Bluescope Steel | 12/09/23 | Buy | $20.73 | $99,482 | ||
Bapcor | 11/09/23 | Buy | $6.67 | $50,025 | ||
Reliance Worldwide | 12/09/23 | Buy | $3.86 | $46,437 |
Magellan's first insider buy: Magellan CEO David George bought 25,000 shares ($236,750) last week, which breaks a two-year dry spell for insider transactions. The last time an insider bought shares was in September 2021, where former CEO Brett Cairns bought 10,000 shares at $37.20 per share.
Magellan shares rallied 13.3% on the day of its FY23 results (18 August). The result was largely in-line with analyst expectations but operating expenses came out as a sizeable beat:
FY23 opex of $121.3m vs. $125-130m guidance and Goldman Sachs expectations of $129.7m
FY24 opex guidance of $95-100m vs. Goldman Sachs forecasts of $128.4m
Source: TradingView
Bapcor's post earning season buys: Bapcor has seen 8 buys since late February from insiders including CEO Noel Meehan and number of non-executive directors.
The stock dropped as much as 15% after February reporting season, in-line with broader market conditions (the ASX 200 fell around 9% between early February and late March).
Whereas the current set of buys have been rewarded, with the stock up around 6% since the start of September to a 7-month high.
Source: TradingView
