America s bosses say business prospects look bright, but they don t make an especially convincing case. A recent Business Roundtable survey of chief executives shows more than two-thirds expect sales to increase over the next six months. But most also said they don t expect to expand their payrolls or increase their capital investments over the next six months. Without more work being made available to consumers, and without companies spending more with each other, it s not clear where those expected sales gains will come from. Last quarter sales for more than two-thirds of large American companies shrank versus a year earlier.

I recently searched for a clearer sign of managerial confidence: bosses who have spent their own money on shares of the companies they run. The three companies below have been the subject of such insider buying within the past month, and their shares look inexpensive based on financial measures like sales, earnings or the liquidation value of company assets.

Nash Finch

I mentioned (NAFC) just two weeks ago in a search for decent dividends. That stock pays 2.1%. Based just outside of Minneapolis, Nash distributes food products to grocers, discount stores and military commissaries. It s a low-margin business but a stable one. Sales for Nash are rising at the moment and shares carry a single-digit price/earnings ratio vs. a P/E of around 20 for the broad stock market. A board member, who also happens to be the chief executive of (OMX), spent $165,000 on shares in mid-November.

Barnes & Noble

Billionaire investor Ron Burkle bought more than four million shares of (BKS) though his investment vehicle, The Yucaipa Companies, last month. That brings his stake in the bookseller to 17%. (For reporting purposes, holders of more than 10% of shares meet the definition of insiders.) Growth at Barnes & Noble isn t exactly brisk. Yearly sales topped $5 billion back in 2005 and aren t expected to reach $6 billion for more than another year. But the company s stock market value is just over $1 billion, which makes for a miniscule P/E. Barnes & Noble turns just three cents of each sales dollar into operating profit. If efficiency efforts were to raise that figure to (AMZN) four cents or even (WMT) five cents, the result could easily be a jump in profits and the stock price.

American Water Works

Based in Vorhees, N.J., American Water Works is the nation s largest private water utility with operations in 32 states from coast to coast as well as in Ontario, Canada. The company was bought by RWE, a German utility, in 2003 but was spun off via a public stock offering in April 2008. Shares since then have offered investors relatively smooth performance despite the broad market s decline and large sales by RWE of its remaining shares. A 3.8% dividend adds appeal for investors, and so do generally bright trends for the water business. Analysts say water prices are likely to rise and that the government is keen on supporting increased investment in drinking and wastewater infrastructure. A handful of company insiders have grabbed shares since the summer with two spending more than $100,000 apiece in late November.