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Top Insider Trades 9/6/13: PPT, AYR, LMOS, AIRT

|Includes: AIRT, AYR, LMOS, Putnam Premier Income Trust (PPT)

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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, September 6, 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
Smith Stephen S O LM BW Gl Inc Opp Fd BWG B $796,401
Marubeni DIR,BO Aircastle AYR B $761,958
Salm Michael V O Putnam Pr Inc Tr PPT B $503,500
Kohli D William O Putnam Pr Inc Tr PPT B $471,700
Edidin Eric J BO Lumos Networks LMOS B $436,200
Ipmd Gmbh BO Uluru ULUR JB* $300,000
Ao Partners I DIR,BO Air T AIRT JB*,B $288,465
Hoffler Daniel A DIR Armada Hoffler Pr AHH B $259,875
P2 Capital BO Blount Intl BLT B $180,475
Lucido Louis C SEC Doubleline Inc Fd DSL B $150,162

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Gates William H Iii DIR Microsoft MSFT AS $156,271,008
Summit Partners PT,BO Ubiquiti Networks UBNT S $78,525,000
TPG Advisors BO Lpl Financial LPLA S $9,714,140
Turner Brian Kevin COO Microsoft MSFT S $5,573,581
Abraham Magid M CEO,DIR Comscore SCOR AS $4,068,582
Throgmartin Gregg W VP,COO,DIR Hhgregg HGG S $3,919,548
Abrams Capital Mgt BO Engility EGL S $3,756,970
Ratcliffe Liam DIR Array Biopharma ARRY S $3,342,348
Wilhelm Matthew BO FXCM FXCM S $3,102,556
Bhusri Aneel CEO,CB,BO Workday WDAY AS $2,750,075

Source: | Key to Insider Title and Trans Type Codes