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Insider Trades Series Overview
In our latest edition of the Insider Trades Series, we provide a weekly overview of significant transactions conducted by directors in the ASX 200 that are valued at over $10,000. The trades highlighted took place between 16th and 21st May 2025, with directors given five business days to report their trades to the ASX.
Recent Director Transactions
Last week’s trading activity was notably quiet, with all reported transactions involving non-executive directors. This trend of reduced activity has persisted since late March, following a brief increase in trades around the time of the 3rd April Liberation Day market fluctuations.
| Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
| ARB | ARB Corporation | 21/05/25 | Karen Phin | Buy | $30.06 | $60,120 |
| ORA | Orora | 19/05/25 | Thomas Gorman | Buy | $1.91 | $47,837 |
| IRE | Iress | 16/05/25 | Susan Forrester | Buy | $8.49 | $24,994 |
| CBA | Commonwealth Bank of Australia | 21/05/25 | Julie Galbo | Buy | $175.12 | $16,461 |
| ANZ | ANZ Group Holdings | 19/05/25 | Scott St John | Buy | $28.89 | $14,445 |
Highlights from the Transactions
While these transactions provide limited insights, here’s a summary of the key aspects and data linked to the more significant transactions:
ARB Corporation (ARB) – The company has experienced a 25% decline in its stock price this year, largely due to several challenges, including a slowdown in growth in the Australian aftermarket, unhedged foreign exchange risks, high expenditure on investments, and the impacts of US tariffs. UBS has labelled the market’s earnings expectations for ARB as overly optimistic, predicting a 7.7% year-on-year drop in net profits for FY25 to approximately $96 million, which is 5% lower than market estimates. They also highlight a risk of earnings misses in the near term, anticipating a notable profit decline in the latter half of FY25.
Orora (ORA) – The share price for Orora exhibited some volatility on Thursday, May 15, after the company reiterated that its second half of FY25 EBIT would remain flat compared to the previous year. The stock initially fell by 4% before closing slightly higher at 0.5%. Orora indicated that can volume growth has stabilised at a long-term run rate of approximately 4% year-to-date for 2H25, while Saverglass anticipates modest growth in volume, though this is balanced out by a product mix that favours premium wine and champagne. For FY25, Orora is forecasting capital expenditure between $285 to $295 million, with depreciation and amortisation expected to range from $155 to $165 million. This is lower than Macquarie’s March estimate of $314 million for capex. UBS has maintained a Neutral rating on the stock but has adjusted its target price from $2.40 to $2.10, reflecting reallocated corporate overheads and revised depreciation guidance.
Conclusion
Overall, the recent transactions reflect a cautious market sentiment among directors of ASX 200 companies, particularly non-executive members. As we move forward, the focus will remain on how these trends evolve in the coming weeks against the backdrop of shifting economic conditions and corporate performance indicators.
