Insider Trades: Directors are buying shares in these 5 ASX 200 companies
Qualitas, Genesis Minerals and Technology One directors are buying company shares.
Source: iStock
Mentioned
KEY POINTS
- Qualitas Independent Chairman Andrew Fairley logs a string of buys in the past two months
- Genesis Minerals insiders begin to nibble as the company completes a $625 million acquisition
- A Technology One insider marks the first insider buy for 2023
Welcome back to the Insider Trades Series – A summary of larger cap, on-market director transactions valued at more than $10,000
Top Director Trades (4-10 July)
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
Qualitas | 6/07/23 | Andrew Fairley | Buy | $1.48 | $210,182 | |
Genesis Minerals | 7/07/23 | Anthony Kiernan | Buy | $1.19 | $89,231 | |
Technology One | 5/07/23 | Richard Anstey | Buy | $15.16 | $60,629 | |
Bank of Queensland | 6/07/23 | Mickie Rosen | Buy | $5.56 | $55,599 | |
Qualitas | 10/07/23 | Andrew Fairley | Buy | $1.48 | $49,779 |
Interesting Observations
Shares in the alternative real estate investment company Qualitas is down around 15% in both the past month and year-to-date. This coincides with a string of buys from Independent Chairman Andrew Fairley.
Date | Director | Type | Price | Value |
|---|---|---|---|---|
10/07/23 | Andrew Fairley | Buy | $1.48 | $49,779 |
06/07/23 | Andrew Fairley | Buy | $1.48 | $210,182 |
23/06/23 | Andrew Fairley | Buy | $1.47 | $73,500 |
05/05/23 | Andrew Fairley | Buy | $1.49 | $38,066 |
12/04/23 | Andrew Schwartz | Buy | $1.44 | $46,257 |
23/03/23 | Andrew Schwartz | Buy | $1.44 | $236,410 |
21/03/23 | JoAnne Stephenson | Buy | $2.52 | $50,400 |
16/03/23 | Andrew Fairley | Sell | $1.46 | ($31,298) |
The latest broker coverage for Qualitas dates back to 8 May, where Macquarie reiterated an OUTPERFORM rating with a $3.27 target price.
“Qualitas continues to execute on material mandates which provide line of sight to FUM growth in the medium-term. Acceleration of deployment and achieving return hurdles to release future tranches will be key in the near-term,” the analysts said.
Qualitas 12-month price chart (Source: Market Index)
Genesis Minerals recently completed the acquisition of St Barbara’s Leonora assets for $625 million cash. The transaction enables the production of more than 300,000 ounces of gold per annum without sacrificing margins.
Genesis Minerals 12-month price chart (Source: Market Index)
Technology One rallied as much as 30% year-to-date – A run that was fuelled by better-than-expected earnings and sector tailwinds. It’s now pulled back around 10%. The stock historically does not see much insider activity.
Date | Director | Type | Price | Value |
|---|---|---|---|---|
05/07/23 | Richard Anstey | Buy | $15.16 | $60,629 |
14/06/23 | John Mactaggart | Sell | $15.65 | ($31,300,000) |
The latest broker note for Technology One comes from Goldman Sachs on 26 June. The investment bank retained a BUY rating with a $18.30 target price, citing:
“Over the last two years TNE has demonstrated an improvement in the rate of underlying growth at the same time as it shifts legacy on-premise customers to cloud, creating a dual tailwind to ARR growth that has continued to surprise to the upside.”
Technology One 12-month price chart (Source: TradingView)
Bank of Queensland shares have spent most of this year spiralling lower. The stock is down almost 20% year-to-date and trading at levels not seen since September 2020. It does beg the question – At what price does this become a bargain?
The stock has seen two insider buys this year – Which mark the only insider buys since September 2022. Are they on to something?
Date | Director | Type | Price | Value |
|---|---|---|---|---|
06/07/23 | Mickie Rosen | Buy | $5.56 | $55,599 |
22/06/23 | Deborah Kiers | Buy | $5.56 | $35,078 |
From a broker perspective, Citi was NEUTRAL rated on the stock with a $5.75 target price in June.
“After a share price sell-off, investors are starting to consider BOQ’s buy case, seemingly attracted to the cheap valuation and its 7.4% dividend yield. However, we think the optimal entry point is yet to arrive,” the analysts warned.
“BOQ is more susceptible to a deteriorating asset quality cycle, more exposed to deposit competition, whilst in the midst of period of strong cost growth.”
Bank of Queensland 12-month price chart (Source: Market Index)
