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Top Insider Trades 3/21/13: CHDN, PCRX, ULTA, PMBC

|Includes:Churchill Downs, Incorporated (CHDN), PCRX, PMBC, ULTA

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In a victory for common sense, the trading behavior of company executives, directors, and large shareholders in the stocks of firms they're registered "insiders" at have been proven profitable to monitor by both academic studies and (more importantly) the experience of professional investors.

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Thursday, March 21, 2013 as ranked by dollar value.

Please note, however, that these are factual lists (with edits to remove some noise), not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

We should also point out that we are presently in a slow filing time for insiders because many companies still have their trading windows closed to their executives until their June quarter earnings are released.

But at, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular blog posts as the initial research tools they are meant to be, and click the links in the tables to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

Insider Purchases
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Duchossois Richard L DIR Churchill Downs CHDN B $1,109,836
Philippin Charles J DIR Ulta Salon ULTA B $754,400
Clinton DIR Pacific Merc Banc PMBC B $709,590
Marino Gary O CEO,DIR,BO Banyan Rail BARA JB* $411,800
Okumus Fund Mgt BO Avg Tech AVG B $337,251
Walker Kevin P DIR Scbt Financial SCBT B $99,840
Hannan Joseph P VP,TR,CFO Cumulus Media CMLS B $82,500
RGM Capital BO Support Com SPRT B $69,700
Wilkinson Robert M DIR Equal Energy EQU JB* $68,994
Mixson Brenda J DIR Parkway Props PKY B $51,750

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Ggc Uss BO U S Silica SLCA JS* $206,448,000
TC IV BO SS&C Tech SSNC JS* $167,700,000
Hbm Bioventures BO Pacira Pharm PCRX AS $50,921,961
Accel IX DIR,BO Trulia TRLA JS* $32,033,620
Cleveland Bradley PR,CEO,DIR Proto Labs PRLB AS $22,935,910
Alon Israel Oil BO Alon Usa Energy ALJ S $5,226,125
Heilbronn Charles DIR Ulta Salon ULTA S $5,220,516
Ryu Marcus CEO,PR,DIR Guidewire Soft GWRE AS $5,215,428
Powers John J VP,SO Aep Industries AEPI S $3,963,387
Hyzak Dwayne L CFO,TR Main Street Cap MAIN S $3,502,486

Source: | Key to Insider Title and Trans Type Codes