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Insiders Purchase and Sell at JPMorgan While AGCO Sees Yet Another Buy

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Plus, purchases at Nexpoint Credit Strategies Fund and Horizon Bancorp.

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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 Tuesday, April 23, 2013.

Purchases: James Crown, a Director of JPMorgan Chase (NYSE:JPM), bought 436,859 shares of the global financial services firm for $20,525,126. Crown is also the president of Henry Crown and Co., a private investment company. On April 12, JPMorgan announced that first quarter profits had increased a full 33% year-on-year to $6.5 billion, boosted significantly by gains in its investment bank, which saw the infamous "London Whale" trading losses last year. Per share, the bank posted profit of $1.59, smashing analyst estimates of $1.40, but its stated revenue of $25.8 billion narrowly missed the expected $25.9 billion. The company also reported a 37% increase in mortgage originations. The stock's price is up 9.99% year-to-date.

Mallika Srinivasan, a Director of global agricultural equipment company AGCO Corporation (NYSE:AGCO), bought 34,664 shares of company stock for $1,705,541. She has made 16 purchases of company stock since the beginning of 2013, let alone her extensive buying of shares in 2012. She is the Chairman and CEO of the India-based Tractors and Farm Equipment Limited, the third largest tractor manufacturer in the world.

At the non-diversified, close-ended management investment company Nexpoint Credit Strategies Fund (NYSE:NHF), portfolio manager James Dondero bought 139,686 shares of company stock for $1,067,201. Dondero was appointed to the position in September 2012, and is the Co-Founder and President of Highland Capital Management, which also has a stake in Nexpoint. On April 1, the company announced a regular distribution of common stock at $0.042 per share, payable at the close of business of April 25. As of March 31, the company had an estimated $4 million in undistributed net investment income.

Peter Pairitz, a Director of Horizon Bancorp (NASDAQ:HBNC), bought 4,000 shares of company stock for $77,640. Horizon Bancorp operates as the holding company for Horizon Bank, N.A., which provides commercial and retail banking services in Indiana and Michigan. On April 22, the company named Craig Dwight as the replacement to retiring Chairman Robert Dabagia (Dwight is also the company's CEO). Since this time last year the company's stock has increased by 105%, thanks to a 5:2 stock split on November 13. The stock price is down 1.93% YTD.

Sales: In addition to the aforementioned insider purchase at JPMorgan Chase, the bank's General Counsel, Stephen Cutler, sold 15,000 shares of company stock for $720,000. From 2001 until 2005, Cutler served as the Director of Enforcement for the SEC.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
DIR
B
$20,525,126
2
DIR
AB
$1,705,541
3
O
JB*
$1,067,201
4
DIR
JB*
$77,640
5
BO
JB*
$60,000
6
CEO,DIR
B
$55,905
7
DIR
B
$45,507
8
DIR
B
$40,398
9
VP
B
$30,190
10
DIR
B
$23,000

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
DIR
AS
$3,750,000
2
CEO,DIR
AS
$1,118,238
3
DIR
AS
$901,739
4
CB,CEO,PR
AS
$872,801
5
VP
S
$841,507
6
GC
AS
$720,000
7
DIR
S
$705,000
8
PR,CEO,DIR
S
$684,000
9
BO
S
$578,323
10
VP
S
$500,000

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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