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Top Insider Trades 9/24/13: BH, NHF, FIVE, AAPL

|Includes: AAPL, Biglari Holdings Inc. (BH-OLD), FIVE, NHF

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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 Tuesday, September 24, 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
Mount Kellett Cap BO GC Deep Rlty Tr GULTU B $5,885,000
Biglari Sardar CB,CEO,BO Biglari BH JB* $1,368,725
Dondero James D O Nexpoint Cr St Fd NHF JB* $1,244,214
Marubeni DIR,BO Aircastle AYR B $1,178,232
Atwood Brian G DIR Five Prime Therap FPRX JB* $999,999
Berkeley Richard DIR Wageworks WAGE JB* $262,980
Page Stephen F DIR Aerovironment AVAV B $112,500
Carr Kerry VP,COO,CFO Kid Brands KID B $55,521
Krull Steven F O Thl Cr Sr Loan Fd TSLF B $55,028
Cooley Philip L DIR Biglari BH JB* $31,800

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Advent Intl O Five Below FIVE JS* $326,550,016
Brown Williamson BO Reynolds Amer RAI S $8,925,898
Weisser Alberto CB,DIR Bunge BG AS $7,264,778
Sewell D Bruce VP,GC,SEC Apple AAPL AS $6,023,698
Raines Julian Paul CEO,DIR Gamestop GME AS $5,472,654
Morgan Stanley BO Sagent Pharm SGNT S $2,610,178
Kish William S A CTO,DIR Ruckus Wireless RKUS AS $2,506,110
Barber Doug VP Cracker Barrel CBRL S $1,647,326
Moore J Stuart DIR Sapient SAPE AS $1,574,000
Franklin Resources BO Dynegy DYN S $1,174,932

Source: | Key to Insider Title and Trans Type Codes