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Top Insider Trades 3/26/14: BH, OXY. UPIP, OPK

|Includes: Biglari Holdings Inc. (BH-OLD), OPK

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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, March 26, 2014 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
Novo A S BO Akebia Therapeutics AKBA JB* $3,104,030
Biglari Sardar CB,CEO,BO Biglari BH B $3,017,732
Klesse William R DIR Occidental Petroleum OXY B $473,520
Disanto Mark DIR Xcel Brands XELB JB* $400,000
Mulica Michael C DIR Unwired Planet UPIP B $200,000
Waters Ronald V DIR Paylocity Holding PCTY JB* $170,000
Robert Richard A VP,CFO Vanguard Nat Res VNR JB* $162,439
Frost Phillip Md CEO,CB,BO Opko Health OPK B $152,988
Spector Bruce H DIR Ares Multi Str Cr Fd ARMF B $131,360
Gregor Joie A DIR Conagra Foods CAG B $99,847

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Ing Groep Nv DIR,BO Ing U S VOYA JS* $1,073,634,240
Arison Micky Meir CB,DIR,BO Carnival CCL AS $21,060,886
Schmidt Eric E CB,DIR Google GOOG AS $9,042,445
Bvf Partners LP O Ligand Pharm LGND S $5,482,868
Scripps William H BO Scripps Networks SNI S $4,687,469
Brown Williamson BO Reynolds Amer RAI S $3,447,782
Whalen James W CB,CEO Targa Resources TRGP AS $2,251,179
Chandna Asheem DIR Palo Alto Net PANW AS $1,944,692
Housenbold Jeffrey CEO,DIR Shutterfly SFLY AS $1,780,387
Schroepfer Michael CTO Facebook FB AS $1,679,250

Source: | Key to Insider Title and Trans Type Codes