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In Insider Trading, Cobalt International Sees a Major Sale While Colfax and Digital River See Buys

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Plus, there was a sale at EverBank Financial.

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Welcome to our daily roundup of top insider trades. Here's a look at the most significant inside sales and purchases filed with the SEC on Friday, May 10, 2013.

Purchases: Mitchell Rales, a Director of global industrial manufacturing and engineering company Colfax (NYSE:CFX) bought 16,300 shares for $737,057. Under the brand names Howden, ESAB, and Colfax Fluid Handling, the company provides gas and fluid handling products, such as industrial grade pumps, to major corporations and governments. On May 7, the company, in cooperation with BDT Capital Partners, announced the pricing of a public offering of 10 million shares of common stock at $44.25 per share. (Colfax will sell seven million and BDT will sell three million.) At the close on Friday, the company' s stock was trading at $46.45, up 15.12% year-to-date and 47.69% since this time last year.

David Dobson, the CEO of e-commerce outsourcing company Digital River (NASDAQ:DRIV), bought 30,000 shares of company stock for $446,300. The company provides end-to-end global cloud-commerce and marketing solutions to companies that produce software, consumer electronics, computer games, and video games, with clients including Electronic Arts (NASDAQ:EA), Adobe (NASDAQ:ADBE), Microsoft (NASDAQ:MSFT), and Mattel (NASDAQ:MAT). On May 2, the company reported earnings for Q1 2013, with earnings per share of $0.33, up 10% from Q1 2012, on revenue of $113.7 million, up 11% since last year. The stock's price was $14.91 at the close on Friday, up 3.69% YTD and down 3.5% since this time last year.

Sales: First Reserve GP XI Inc., a fund of the private equity firm First Reserve Corp., sold 15,832,304 shares of oil exploration and production company Cobalt International Energy (NYSE:CIE) for $421,455,936. The company specializes in sub-salt and pre-salt exploration, development, and production in the Gulf of Mexico and off the coast of Angola and Gabon in West Africa. On May 10, the company announced the closing of a secondary public offering of 50,000,000 shares of common stock, completed in association with First Reserve Corp., Goldman Sachs (NYSE:GS), Riverstone Holdings LLC, The Carlyle Group (NASDAQ:CG), and KERN Partners Ltd. Cobalt International will take no proceeds of the offering. At the close on Friday, the company's stock was trading at $26.95, up 9.73% YTD and up 15.71% since this time last year.

Russell Newton, a Director of unitary savings and loan holdings company EverBank Financial (NYSE:EVER), sold 1,187,000 shares of company stock for $19,229,400. The company provides financial products and service to individual consumers and small- to medium-sized businesses. It operates in three segments: Wealth Management, Mortgage Banking, and Corporate Services. On April 24, the company reported Q1 2013 earnings, with adjusted earnings per share of $0.33 on revenue of $277 million, up 18% and 47%, respectively, since Q1 2012. The company's stock price, $16.79 at the close on Friday, is up 12.61% YTD and up 58.85% since this time last year.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
BO
JB*
$4,161,000
2
DIR,BO
JB*
$1,000,000
3
DIR,BO
B
$737,057
4
BO
JB*
$500,000
5
DIR
B
$487,115
6
CEO,DIR
B
$446,300
7
BO
B
$401,107
8
BO
B
$278,744
9
CEO
JB*
$200,012
10
PR,COO,DIR
B
$159,170

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
BO
JS*
$421,455,936
2
DIR
JS*
$172,146,736
3
DIR
S
$19,229,400
4
BO,DIR
S
$17,674,794
5
CB,CEO,DIR
S
$10,266,238
6
DIR
S
$8,255,895
7
COO
S
$4,406,379
8
PR
S
$4,139,877
9
VP,CFO
AS
$3,594,425
10
DIR
JS*
$3,313,107

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
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