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Insider Trading: Activision Blizzard CEO Sells Shares, and Kohl's Sees a Buy

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Plus, purchases at Ironwood Pharmaceuticals and Steelcase.

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Welcome to our daily round-up of top insider trades. Here's a look at the most significant inside sales and purchases filed with the SEC on Tuesday, April 2, 2013.

Purchases: Stephanie Streeter, a Director of department store company Kohl's Corporation (NYSE:KSS), bought 2,500 shares of company stock for $113,450. Streeter is also a Director of Goodyear Tire and Rubber Co. (NASDAQ:GT), the CEO of Libbey Inc. (NYSEAMEX:LBY), and was formerly the interim CEO of the United States Olympic Committee. Despite weather conditions that have been adverse to retailers across the board (a warm early winter and a cold, prolonged late winter that threw off the sales of winter and spring clothing), Kohl's stock is up 7.24% year to date.

Sales: Robert Kotick, the President and CEO of video game entertainment company Activision Blizzard (NASDAQ:ATVI), sold 843,116 shares of company stock for $12,284,200. The financial services company UBS announced today that it had initiated coverage of Activision Blizzard, giving it a "Buy" rating and a $17 price target. As of this writing, the stock price rests at $14.72, representing a 15.28% increase from one year ago.

The multinational financial services corporation Fidelity Management and Research sold 158,068 shares of its stake in Ironwood Pharmaceuticals (NASDAQ:IRWD), for $2,908,530. The company engages in the science and treatment of gastrointestinal diseases: its lead product candidate, Linaclotide, is a guanylate cyclase type-C agonist intended for the treatment of irritable bowel syndrome with constipation and chronic idiopathic constipation. It is marketed as Linzess in the US and Constella in the EU.

At office furniture and seating products company Steelcase (NYSE:SCS), Director William Crawford sold 165,400 shares of company stock for $2,382,142. Though the stock's price is up 38.74% since this time last year, the company reported a loss of $27.5 million, or $0.22 per share, in Q4 2012 and saw its stock price slide from $15.00 (the 52-week high is $15.60) to $13.18 at the time of publication.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
DIR,BO
JB*
$14,999,998
2
DIR
AB
$13,514,070
3
DIR,BO
JB*
$5,761,960
4
CEO,DIR,BO
B
$1,000,005
5
CEO
JB*
$681,410
6
CEO,CB,BO
B
$498,607
7
DIR
B
$195,000
8
DIR
B
$150,000
9
DIR
B
$113,450
10
BO
B
$106,201

Source: InsiderInsights.com | Key to Insider Title and Trans Type Codes

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
PR,CEO,DIR
JS*
$12,284,200
2
BO
JS*
$6,000,134
3
BO
S
$2,908,530
4
DIR
S
$2,382,142
5
CTO,DIR
AS
$1,657,238
6
BO
S
$1,446,302
7
CTO
AS
$971,022
8
CB,DIR,BO
S
$955,033
9
VP,CAO
AS
$931,250
10
DIR
AS
$826,800

Source: InsiderInsights.com | Key to Insider Title and Trans Type Codes

An important note from Jonathan Moreland, founder of Insider Insights:

In a victory for common sense, it has been proven profitable -- by both academic studies and (more importantly) the experience of your fellow professional investors -- to monitor the trading behavior of company executives, directors, and large shareholders in the stocks of firms of which they're registered as "insiders."

Please note, however, that the lists above are strictly factual; they are 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 InsiderInsights.com, 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.

Jonathan Moreland is also the author of "Profit From Legal Insider Trading."

Follow me on Twitter: @JoshWolonick and @Minyanville
No positions in stocks mentioned.
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