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Campbell Bruce A: insider trades

Chief executive, Officer at Forward AIR Corp. No open-market purchases and 36 sales not made under a pre-set plan, reported from March 2, 2012 to March 4, 2019.

What happened after Campbell Bruce A’s sales?

After their sales, the shares moved −3.6% against the index over 12 months on average (a negative figure means selling was the right call); 72% 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 36 −3.2% −3.4% 86% 8 −2.05 0.080 No reliable evidence
Sales, 12 months after the report 36 −3.6% −3.4% 72% 8 −1.80 0.12 No reliable evidence
Sales, 12 months after the trade 36 −4.3% −4.7% 69% 8 −2.10 0.073 No reliable evidence

“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
Forward AIR Corp FWRD Chairman036March 2, 2012March 4, 2019

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 4, 2019February 28, 2019 FWRD Sale $1,082,482 −7.0%−17.2%−16.0%
February 28, 2019February 26, 2019 FWRD Sale $537,231 −11.0%−15.3%−19.2%
February 26, 2019February 22, 2019 FWRD Sale $1,653,081 −12.9%−14.6%−21.4%
September 6, 2018September 4, 2018 FWRD Sale $565,683 −0.8%−6.3%−7.7%
August 29, 2018August 27, 2018 FWRD Sale $549,819 +6.1%−5.7%−8.7%
August 23, 2018August 21, 2018 FWRD Sale $567,219 +6.1%−9.8%−8.2%
December 1, 2017November 29, 2017 FWRD Sale $1,616,790 −9.6%+3.6%+10.6%
November 28, 2017November 24, 2017 FWRD Sale $291,750 −6.3%+10.6%+12.5%
November 22, 2017November 21, 2017 FWRD Sale $1,885,624 −5.4%+12.5%+10.8%
June 1, 2017May 30, 2017 FWRD Sale $419,584 −3.7%−0.7%+2.8%
May 30, 2017May 25, 2017 FWRD Sale $1,060,204 −1.9%+0.7%+1.7%
May 18, 2017May 16, 2017 FWRD Sale $24,128 +0.5%+5.7%−2.3%
May 8, 2017May 4, 2017 FWRD Sale $16,768 −3.4%−4.1%−7.8%
May 4, 2017May 2, 2017 FWRD Sale $403,224 −3.6%−5.9%−8.4%
August 25, 2016August 24, 2016 FWRD Sale $3,720,000 +5.3%−0.5%−5.5%
August 10, 2016August 8, 2016 FWRD Sale $470,000 +0.6%−2.3%−4.4%
August 8, 2016August 5, 2016 FWRD Sale $470,000 −3.6%−3.4%−5.0%
November 9, 2015November 5, 2015 FWRD Sale $4,198,689 −8.6%−4.6%−8.2%
February 12, 2015February 11, 2015 FWRD Sale $1,615,250 −3.4%−18.0%−21.8%
February 10, 2015February 9, 2015 FWRD Sale $6,007,200 −4.3%−21.8%−7.0%
May 30, 2014May 28, 2014 FWRD Sale $445,000 −0.2%+9.1%+6.4%
March 7, 2014March 6, 2014 FWRD Sale $1,077,988 −2.2%+7.5%+6.8%
March 5, 2014March 4, 2014 FWRD Sale $727,664 −2.9%+6.8%+6.2%
February 24, 2014February 21, 2014 FWRD Sale $222,500 −1.0%+8.9%+6.2%
February 21, 2014February 19, 2014 FWRD Sale $1,537,229 −3.4%+6.2%+5.6%
May 17, 2013May 15, 2013 FWRD Sale $1,912,850 −5.6%−4.4%−1.8%
May 15, 2013May 14, 2013 FWRD Sale $2,076,925 −5.1%−2.1%−2.3%
March 18, 2013March 15, 2013 FWRD Sale $280,084 −3.4%−1.8%−3.4%
March 14, 2013March 12, 2013 FWRD Sale $1,690,650 −3.5%−3.4%−2.6%
March 12, 2013March 11, 2013 FWRD Sale $757,200 −2.1%−1.4%−2.5%
August 15, 2012August 14, 2012 FWRD Sale $1,215,479 −3.7%−8.9%−9.4%
August 10, 2012August 9, 2012 FWRD Sale $10,200 −1.8%−10.0%−11.7%
August 8, 2012August 7, 2012 FWRD Sale $228,582 −2.2%−11.7%−12.2%
August 7, 2012August 3, 2012 FWRD Sale $472,872 −2.8%−11.2%−14.8%
August 1, 2012July 31, 2012 FWRD Sale $1,455,406 −6.7%−15.7%−15.6%
March 2, 2012March 1, 2012 FWRD Sale $3,375,000 −1.2%−1.4%+2.2%

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 Campbell Bruce A traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.