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Good Steven C: insider trades

Director at 2 companies we cover. No open-market purchases and 15 sales not made under a pre-set plan, reported from April 27, 2012 to March 3, 2021.

What happened after Good Steven C’s sales?

After their sales, the shares moved −20.1% against the index over 12 months on average (a negative figure means selling was the right call); 87% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 15 −3.3% −6.9% 60% 7 −1.09 0.32 No reliable evidence
Sales, 12 months after the report 15 −20.1% −25.6% 87% 7 −3.17 0.019 Some evidence: seller right
Sales, 12 months after the trade 15 −19.4% −24.5% 87% 7 −3.28 0.017 Some evidence: seller right

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
OSI Systems Inc OSIS —014April 27, 2012March 3, 2021
Rexford Industrial Realty, Inc. REXR —01February 28, 2020February 28, 2020

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
March 3, 2021March 3, 2021 OSIS Sale $231,705 −8.1%−30.4%−28.9%
September 14, 2020September 14, 2020 OSIS Sale $96,875 +7.4%−15.8%−14.9%
February 28, 2020February 26, 2020 REXR Sale $114,761 −15.5%−26.2%−25.6%
February 7, 2020February 6, 2020 OSIS Sale $90,170 −7.0%−15.3%−14.5%
December 9, 2019December 9, 2019 OSIS Sale $187,690 −9.3%−27.6%−28.3%
January 31, 2019January 29, 2019 OSIS Sale $304,500 +7.2%−22.3%−20.3%
December 9, 2016December 7, 2016 OSIS Sale $305,800 −11.3%−32.6%−35.7%
September 16, 2016September 15, 2016 OSIS Sale $190,050 +10.0%+12.8%+14.4%
September 25, 2015September 25, 2015 OSIS Sale $195,350 +7.4%−33.5%−31.0%
May 4, 2015May 4, 2015 OSIS Sale $204,000 +2.0%−25.6%−25.5%
February 4, 2015February 3, 2015 OSIS Sale $272,610 −6.9%−14.6%−17.6%
September 9, 2014September 9, 2014 OSIS Sale $223,340 +7.3%+12.2%+11.3%
September 4, 2012August 30, 2012 OSIS Sale $73,500 −20.0%−23.9%−21.8%
August 15, 2012August 14, 2012 OSIS Sale $401,196 −10.0%−25.7%−24.5%
April 27, 2012April 26, 2012 OSIS Sale $240,219 −2.3%−32.1%−28.2%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Good Steven C traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.