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Top Insider Trades 2/22/13: DVA, ECHO, NWS, PNNT

|Includes: DaVita HealthCare Partners Inc. (DVA), ECHO, NWS, PNNT

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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 Friday, February 22, 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
Berkshire Hathaway BO Davita Healthcare DVA B $25,967,566
Calamos John P Sr CB,CEO,BO Calamos Asset Mgt CLMS B $1,215,350
Baird W Blake CB,CEO,DIR Terreno Realty TRNO JB* $996,000
Walter John R DIR Echo Global ECHO B $598,374
Flug Jeffrey DIR Pennantpark Inv PNNT B $398,601
Dominski Matthew DIR CBL & Assoc CBL JB* $382,500
Dahl James H BO Pope Resources POPE B $231,702
RGM Capital BO Guidance Software GUID B $196,000
Dreessen Ruth DIR Targa Resources NGLS B $121,500
Teresko Doug MD AC Enh Gr & Inc Fd LCM B $97,263

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Ccmp Capital BO Generac GNRC JS* $692,000,000
Automotive Invest BO Trw Automotive TRW JS* $544,627,392
Schmidt Eric E CB,DIR Google GOOG AS $71,517,083
Murdoch Keith R CB,CEO,DIR News NWS S $28,852,586
Culp H Lawrence PR,CEO,DIR Danaher DHR S $7,794,995
Zarley James R CB,DIR Valueclick VCLK S $5,336,403
Sandberg Sheryl COO,DIR Facebook FB AS $4,875,469
Bewkes Jeffrey L CB,CEO,DIR Time Warner TWX AS $4,414,283
Janetschek William CFO Kkr And KKR S $2,908,424
Vassalluzzo Scott J BO,DIR World Accept WRLD S $2,715,792

Source: | Key to Insider Title and Trans Type Codes