Top Insider Trades: SPW GAM CVGI ZFC

By Jonathan Moreland, founder of Insider Insights and author of Profit From Legal Insider Trading.

NEW YORK ( TheStreet) -- It is a victory for common sense. Tracking the trading behavior of company executives, directors and large shareholders in the stocks of firms they're registered in as "insiders" has proven to be profitable, according to 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 Thursday, Sept. 5, 2013, as ranked by dollar value. Please note, however, that these are only factual lists, 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.

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 Top Insider Trades columns 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 contact us with any questions on our proprietary insider data, and how it is best analyzed.
Spx (SPW) Relational Invest BO 136,576 10,101,201
Biglari (BH) Biglari Sardar CB,CEO,BO 7,145 3,001,636
Gen Amer Inv (GAM) Davidson Spencer CB,DIR 50,074 1,268,871
Com Vehicle (CVGI) Siemer Arnold B DIR,BO 138,300 1,024,862
Aircastle (AYR) Marubeni DIR,BO 60,000 1,004,682
Zais Financial (ZFC) Zugel Christian CB,DIR 30,000 471,550
Great Plains Energy (GXP) Sherman John J DIR 20,000 432,600
Am Capital (ACAS) Nestegard Susan DIR 15,000 190,254
Zais Financial (ZFC) Reimer Eric DIR 9,500 149,240
Foster L B (FSTR) McIlroy Peter II DIR 2,480 105,871
Source: Insider Insights
Hain Cel (HAIN) Icahn Carl C SEC 3,650,000 287,182,016
Kirby (KEX) Pyne J H CB,CEO,DIR 160,007 12,854,244
Servicenow (NOW) Luddy Frederic B DIR 162,000 7,646,844
Netsuite (N) Farrington Deborah DIR 64,980 6,524,798
Coach (COH) Krakoff Reed PR 92,273 4,928,095
Rock Tenn (RKT) Rubright James A CB,CEO,DIR 35,000 3,971,579
Forum Ene (FET) Waite Andrew L DIR 134,440 3,563,060
Cog Tech (CTSH) Dsouza Francisco CEO,DIR 42,605 3,195,375
Uni Display (OLED) Lacerte Lawrence DIR 86,230 3,065,577
Jabil Circuit (JBL) Main Timothy L DIR 115,000 2,646,012
Source: Insider Insights

Key to Titles: A=Assistant, AI=Affiliated Investor, AO=Accounting Officer, BD=Business Development, BO=Beneficial Owner, CAO=Chief Accounting Officer, CB=Chairman, CCO=Chief Compliance Officer, CEO=Chief Executive Officer, CFO=Chief Financial Officer, CIO=Chief Information Officer, CO=Compliance Officer, COO=Chief Operating Officer, CT=Controller, CTO=Chief Technology Officer, DIR=Director, EVP=Executive Vice President, F=Founder, FO=Financial Officer, GC=General Counsel, HR=Human Resources, IO=Information Officer, IR=Investor Relations, LO=Legal Officer, MD=Managing Director, O=Officer, OO=Operating Officer, PR=President, PT=Partner, REL=Relative of an insider, SEC=Secretary, SH=Shareholder, SO=Sales Officer, TO=Technology Officer, TR=Treasurer, TT=Trustee, VCB=Vice Chairman, VP=Vice President, X=Ex Officer or other title displayed.
Jonathan Moreland is the founder of, which produces a weekly newsletter and offers professional screening and alerting tools to analyze a proprietary, real-time insider data feed. He is also the principal of Insider Asset Management, a registered investment advisor in New York. Mr. Moreland has been analyzing insider data professionally for two decades and has been a contributor to since 2001. A fundamental analyst with an MBA in finance, Mr. Moreland long ago identified insider data as an excellent first screen to determine where to focus his research efforts. He is quoted frequently in the media for his insider analysis and stock recommendations stemming from it. He is also author of Profit From Legal Insider Trading.

Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, Moreland appreciates your feedback; click here to send him an email.

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