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Top Insider Trades 9/23/13: ARDC, P, TSLF, SONC

|Includes: Ares Dynamic Credit Allocation Fund (ARDC), P, SONC

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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 Monday, September 23, 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
Ares Capital Mgt II O Ares DC Alloc Fd ARDC B $147,282
Hutton James A PR,DIR Eflo Energy EFLO B $110,000
Hunt James K CEO,CIO Thl Cr Sr Loan Fd TSLF B $100,000
Fellows James R O Thl Cr Sr Loan Fd TSLF B $100,000
Good Brian W O Thl Cr Sr Loan Fd TSLF B $97,200
Dickins Denise DIR Watsco WSO JB* $50,516
Sims Luke E PR,CEO,DIR Eagle Cap Gr Fd GRF B $48,443
Kopple Robert C BO Cardero Resource CDY B $42,951
Ao Partners I DIR,BO Air T AIRT B $36,738
Ottley Properties DIR,BO Ckx Lands CKX B $33,988

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Crosslink Capital BO Pandora Media P JS* $130,000,000
Hudson J Clifford CEO,DIR Sonic SONC S $5,530,910
Schlessinger David CB,DIR Five Below FIVE S $4,665,000
Nohra Guy P DIR Acelrx Pharm ACRX AS $1,675,580
Morgenthaler Part BO Peregrine Semi PSMI AS $1,557,580
Moore J Stuart DIR Sapient SAPE AS $1,556,000
Topfer Morton L DIR Measurement Spec MEAS AS $1,300,000
Franklin Resources BO Dynegy DYN S $1,056,890
Burgess Brent P W FO,DIR Triangle Capital TCAP AS $1,040,509
Marxe & Greenhse BO Crumbs Bake Shop CRMB S $1,004,137

Source: | Key to Insider Title and Trans Type Codes