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Top Insider Trades 7/12/13: PAY, BFB, FUND, ENH

|Includes: ENH, FUND, VeriFone Systems, Inc. (PAY)

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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, July 12, 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
Stiefler Jeffrey E DIR Verifone Systems PAY B $499,131
George W Whitney FO,DIR,BO Royce Focus Trust FUND B $200,015
Charman John CB,CEO,DIR Endurance Specialty ENH B $161,329
Rcap BO Rcs Capital RCAP B $145,361
Brown George G VP,DIR Brown Forman BFB JB* $73,800
Honig Barry C DIR,BO Pershing Gold PGLC JB* $70,000
Regals Capital Mgt BO Oramed Pharm ORMP JB*,B $52,559
Walsh Stephen CIO WA Hi Inc Opp Fd HIO B $43,320
Schmid Horst A DIR Deep Well Oil DWOG JB* $42,500
Fulton Paul CB,DIR Bassett Furniture BSET B $33,422

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Fpr Partners BO Viasat VSAT S,JS* $68,724,362
Frazier Laura BO Brown Forman BFB S $9,640,886
Av Partners VIII BO Homeaway AWAY S $7,797,685
Richey Ellen O Visa V AS $4,795,458
Dobkin Arkadiy CEO,PR,CB Epam Systems EPAM AS $3,827,386
VA Retire Sys BO Blackrock Kelso BKCC S $2,227,061
Hagedorn Part BO Scotts Miracle Gro SMG S $2,059,521
Nachman Joseph VP YELP YELP AS $1,541,024
Donaker Geoffrey COO,DIR YELP YELP AS $1,277,841
Mucci Martin CEO,PR,DIR Paychex PAYX S $1,169,369

Source: | Key to Insider Title and Trans Type Codes