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In Insider Trading, Bill Gross Buys PIMCO Closed-End Fund

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Plus, there were purchases at Forbes Energy, SIFCO Industries, and Lumos Networks.

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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, September 10, 2013.

Notable Purchases:
  • Michael Lipscomb, the CEO of metalworking processes, services, and products company SIFCO Industries (NYSEMKT:SIF), bought 150,000 shares of company stock for $2,587.500.
  • Bill Gross, a founder, managing director, and co-CIO of investment firm PIMCO, bought 63,518 shares of the diversified, closed-end management investment company PIMCO Corporate & Income Strategy Fund (NYSE:PCN) for $1,040,928.
  • Capital redeployment firm Steel Excel (OTCMKTS:SXCL) bought 83,800 shares of independent oilfield services contractor Forbes Energy (NASDAQ:FES) for $381,290.
  • Eric Edidin, the co-founder of hedge fun Archer Capital Management, bought 19,530 shares of Mid-Atlantic region fiber-based service provider Lumos Networks (NASDAQ:LMOS) for $303,878.
For more insider trades, see the charts below.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
CEO,DIR
JB*
$2,587,500
2
DIR,BO
B
$1,040,928
3
O
B
$1,019,870
4
PR,COO,DIR
B
$757,510
5
BO
B
$558,030
6
BO
B
$381,290
7
BO
B
$303,878
8
BO
B
$246,667
9
DIR
B
$246,540
10
CEO
B
$212,000

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
DIR
AS
$313,828,000
2
DIR,BO
JS*
$40,917,000
3
CB,BO
S
$29,322,980
4
BO
JS*
$14,547,500
5
BO
JS*
$14,437,500
6
BO
S
$11,899,654
7
DIR
S
$2,692,743
8
VP,IR,BD
S
$2,455,972
9
CTO,DIR
AS
$2,328,615
10
VP,HR
S
$1,972,759

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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