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Insiders Sell Shares at Pandora and Sonic

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Plus, there were purchases at Ares Dynamic Credit Allocation Fund and THL Credit Senior Loan Fund.

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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 Monday, September 23, 2013.

Notable Purchases:
  • Ares Capital Management II bought 8,000 shares of non-diversified, closed-end management investment company Ares Dynamic Credit Allocation Fund (NYSE:ARDC) for $147,282. Ares Capital Management II, an affiliate of Ares Management LLC, serves as the fund's investment advisor.
  • At newly organized, non-diversified, closed-end management investment company THL Credit Senior Loan Fund (NYSE:TSLF), CEO and CIO James Hunt and Senior Portfolio Manager James Fellows bought 5,000 shares each for $100,000 while another senior portfolio manager, Brian Good, bought 4,860 shares for $97,200.

Notable Sales:

  • Private equity and venture capital firm Capital Crosslink sold 5,200,000 shares of Internet radio company Pandora (NYSE:P) for $130,000,000.
  • Clifford Hudson, CEO of drive-in restaurant chain company Sonic (NASDAQ:SONC), sold 300,000 shares of company stock for $5,530,910.

For more insider trades, see the charts below.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
O
B
$147,282
2
PR,DIR
B
$110,000
3
CEO,CIO
B
$100,000
4
O
B
$100,000
5
O
B
$97,200
6
DIR
JB*
$50,516
7
PR,CEO,DIR
B
$48,443
8
BO
B
$42,951
9
DIR,BO
B
$36,738
10
DIR,BO
B
$33,988

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
BO
P
JS*
$130,000,000
2
CEO,DIR
S
$5,530,910
3
CB,DIR
S
$4,665,000
4
DIR
AS
$1,675,580
5
BO
AS
$1,557,580
6
DIR
AS
$1,556,000
7
DIR
AS
$1,300,000
8
BO
S
$1,056,890
9
FO,DIR
AS
$1,040,509
10
BO
S
$1,004,137

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."
No positions in stocks mentioned.
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