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Dugan Michael T: insider trades

Chief executive at EchoStar. No open-market purchases and 15 sales not made under a pre-set plan, reported from August 15, 2012 to November 14, 2019.

What happened after Dugan Michael T’s sales?

After their sales, the shares moved −8.9% against the index over 12 months on average (a negative figure means selling was the right call); 73% 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 +1.5% −2.1% 53% 5 −0.25 0.82 No reliable evidence
Sales, 12 months after the report 15 −8.9% −4.8% 73% 5 −0.79 0.47 No reliable evidence
Sales, 12 months after the trade 15 −10.3% −5.6% 80% 5 −0.85 0.44 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
EchoStar ECHO CEO and President015August 15, 2012November 14, 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
November 14, 2019November 13, 2019 ECHO Sale $2,280,878 −11.2%−52.3%−55.2%
November 13, 2019November 11, 2019 ECHO Sale $2,239,160 −10.0%−54.2%−56.1%
March 5, 2015March 3, 2015 ECHO Sale $275,000 −5.6%−13.2%−14.7%
March 2, 2015February 26, 2015 ECHO Sale $782,503 −7.8%−14.7%−11.2%
February 26, 2015February 24, 2015 ECHO Sale $2,564,809 −8.5%−11.5%−14.9%
June 2, 2014May 29, 2014 ECHO Sale $3,063,200 −5.3%−12.3%−13.8%
August 29, 2013August 27, 2013 ECHO Sale $147,059 +13.2%+1.2%−3.1%
August 27, 2013August 23, 2013 ECHO Sale $1,726,837 +10.6%−0.8%−3.0%
August 23, 2013August 21, 2013 ECHO Sale $1,286,852 +10.3%−2.8%−4.3%
August 20, 2013August 16, 2013 ECHO Sale $280,141 +10.0%−4.3%−5.2%
August 16, 2013August 14, 2013 ECHO Sale $2,931,199 +11.6%−4.8%−6.6%
August 15, 2013August 13, 2013 ECHO Sale $1,097,250 +11.7%−5.2%−5.6%
March 1, 2013February 27, 2013 ECHO Sale $1,558,498 −2.1%+7.8%+5.5%
February 27, 2013February 25, 2013 ECHO Sale $2,067,475 −5.3%+6.3%+4.9%
August 15, 2012August 13, 2012 ECHO Sale $103,392 +10.5%+27.5%+28.0%

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 Dugan Michael T traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.