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In Insider Trading, the Canadian Government Sells Its Near $1.1 Billion Stake in GM

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Plus, there were purchases at Sprint, Inergy Midstream, and Hanmi 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 Thursday, September 12, 2013.

Notable Purchases:
  • The Japanese telecommunications and Internet company Softbank (OTCMKTS:SFTBF) bought 6,581,652 shares of American telecom company Sprint (NYSE:S) for $42,188,388.
  • William Gautreaux, President of natural gas liquids storage and transportation company Inergy Midtream (NYSE:NRGM), bought 20,000 shares of company stock for $450,000.
  • Chong Guk Kum, President and CEO of Hanmi Financial (NASDAQ:HAFC), the holding company for Hanmi Bank, bought 20,000 shares of company stock for $323,400.
Notable Sale:
  • The Canada GEN Investment Corp, an agency that handles holdings for both Ontario and Canada's federal government, sold 30,000,000 shares of American automaker General Motors (NYSE:GM) for $1,099,500,032. In 2009, the agency bought shares of the struggling auto company to help keep the car industry in Canada afloat. Canada GEN Investment Corp. is a subsidy of the Canada Development Investment Corp.
Fore more insider trades, see the charts below.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
BO
S
AB
$42,188,388
2
DIR
JB*
$38,512,984
3
DIR
B
$1,036,400
4
DIR,BO
B
$523,797
5
PR
JB*
$450,000
6
PR,CEO,DIR
B
$323,400
7
DIR,BO
B
$218,064
8
DIR
B
$158,693
9
DIR
B
$109,402
10
DIR,BO
B
$94,565

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
BO
JS*
$1,099,500,032
2
PT,BO
JS*
$209,720,000
3
DIR
JS*
$207,739,712
4
DIR
JS*
$24,244,784
5
CEO,DIR,BO
AS
$18,587,122
6
CB,BO
S
$17,286,780
7
COO,DIR
AS
$7,709,440
8
CB,CEO,DIR
S
$4,900,546
9
BO
S
$2,573,196
10
CB,CEO,DIR
AS
$1,877,877

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."
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No positions in stocks mentioned.
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