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Top Insider Trades 9/25/13: CHEF, LGND, FISH, WMB

|Includes: AZUR, The Chefs' Warehouse, Inc. (CHEF), LGND, WMB

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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 Wednesday, September 25, 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
Hanson Stephen P DIR Chefs Warehouse CHEF JB* $630,000
Marubeni DIR,BO Aircastle AYR B $516,846
Gross William H O Pimco Dyn Cr Inc Fd PCI B $276,256
Maxwell W Keith DIR,BO Marlin Midstream FISH B $190,520
Macinnis Frank T DIR Williams Companies WMB B $139,494
Honig Barry C DIR,BO Pershing Gold PGLC B $109,740
Baldwin Thomas J CB,CEO,DIR Roi Acquisition ROIQU B $100,000
Bank Of America O Hertz Global HTZ B $79,419
Kopple Robert C BO Aura Systems AUSI JB* $45,628
Cugine Joseph M DIR Chefs Warehouse CHEF JB* $42,000

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Pac Coast Energy BO Pac Coast Oil Tr ROYT JS* $171,000,000
Schmidt Eric E CB,DIR Google GOOG AS $77,161,438
Bvf Partners L P Il BO Ligand Pharm LGND S $15,976,524
Sandberg Sheryl COO,DIR Facebook FB AS $8,655,968
Helmerich Hans CEO,DIR Helmerich & Payne HP S $3,454,000
Herman Michael D CEO,DIR,BO Enservco ENSV JS* $2,970,000
Singleton Group BO Kemper KMPR S $2,377,260
Levchin Max R DIR,BO YELP YELP AS $2,327,930
Schottenstein Jay CB,DIR,BO DSW DSW S $2,023,915
Moore J Stuart DIR Sapient SAPE AS $1,588,000

Source: | Key to Insider Title and Trans Type Codes