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Top Insider Trades 9/5/13: SPW, GAM, CVGI, ZFC

|Includes:CVGI, GAM, SPX Corporation (SPXC), ZFC

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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, September 5, 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
Relational Invest BO Spx SPW B $10,101,201
Biglari Sardar CB,CEO,BO Biglari BH B $3,001,636
Davidson Spencer CB,DIR Gen Amer Inv GAM JB* $1,268,871
Siemer Arnold B DIR,BO Commercial Vehicle CVGI B $1,024,862
Marubeni DIR,BO Aircastle AYR B $1,004,682
Zugel Christian CB,DIR Zais Financial ZFC B $471,550
Sherman John J DIR Great Plains Energy GXP B $432,600
Nestegard Susan DIR American Capital ACAS B $190,254
Reimer Eric DIR Zais Financial ZFC B $149,240
McIlroy Peter II DIR Foster L B FSTR B $105,871
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Icahn Carl C SEC Hain Celestial HAIN JS* $287,182,016
Pyne J H CB,CEO,DIR Kirby KEX S $12,854,244
Luddy Frederic B DIR Servicenow NOW AS $7,646,844
Farrington Deborah DIR Netsuite N AS $6,524,798
Krakoff Reed PR Coach COH S $4,928,095
Rubright James A CB,CEO,DIR Rock Tenn RKT S $3,971,579
Waite Andrew L DIR Forum Energy FET S $3,563,060
Dsouza Francisco CEO,DIR Cognizant Tech CTSH AS $3,195,375
Lacerte Lawrence DIR Universal Display OLED S $3,065,577
Main Timothy L DIR Jabil Circuit JBL AS $2,646,012
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes