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Badgley Jeffrey I: insider trades

Chief executive at Miller Industries Inc. No open-market purchases and 21 sales not made under a pre-set plan, reported from May 25, 2011 to August 13, 2019.

What happened after Badgley Jeffrey I’s sales?

After their sales, the shares moved −18.2% against the index over 12 months on average (a negative figure means selling was the right call); 76% 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 21 −11.8% −20.7% 71% 6 −1.17 0.29 No reliable evidence
Sales, 12 months after the report 21 −18.2% −22.8% 76% 6 −1.09 0.32 No reliable evidence
Sales, 12 months after the trade 21 −19.2% −23.3% 76% 6 −1.32 0.24 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
Miller Industries Inc MLR Co-Chief Executive Officer021May 25, 2011August 13, 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
August 13, 2019August 9, 2019 MLR Sale $325,265 +5.9%−22.8%−23.3%
August 14, 2018August 10, 2018 MLR Sale $85,080 +0.9%+14.0%+13.6%
May 12, 2017May 10, 2017 MLR Sale $51,680 −0.6%−6.5%−12.9%
April 4, 2017March 31, 2017 MLR Sale $164,300 +1.7%−3.9%−15.0%
April 2, 2015March 31, 2015 MLR Sale $194,589 −22.7%−17.3%−16.3%
March 24, 2015March 20, 2015 MLR Sale $171,432 −19.1%−16.8%−13.0%
March 28, 2014March 26, 2014 MLR Sale $69,356 +1.0%+16.8%+14.8%
March 25, 2014March 21, 2014 MLR Sale $38,800 −1.0%+14.8%+11.9%
March 19, 2014March 17, 2014 MLR Sale $94,320 −1.7%+10.7%+13.0%
March 13, 2014March 11, 2014 MLR Sale $247,810 +0.9%+9.7%+5.0%
October 26, 2011September 29, 2011 MLR Sale $284,253 −24.7%−35.8%−34.7%
October 21, 2011October 20, 2011 MLR Sale $96,700 −26.4%−38.2%−41.5%
October 19, 2011October 17, 2011 MLR Sale $114,185 −26.7%−41.5%−36.4%
October 14, 2011October 13, 2011 MLR Sale $36,390 −22.8%−36.4%−33.6%
October 12, 2011October 10, 2011 MLR Sale $54,470 −21.6%−33.6%−33.1%
October 7, 2011October 5, 2011 MLR Sale $54,490 −26.1%−33.1%−36.4%
October 5, 2011October 4, 2011 MLR Sale $18,000 −25.5%−37.8%−39.9%
September 28, 2011September 26, 2011 MLR Sale $36,090 −21.3%−34.7%−35.0%
September 8, 2011September 6, 2011 MLR Sale $178,647 −20.7%−37.1%−40.7%
September 2, 2011August 31, 2011 MLR Sale $49,525 −22.6%−40.7%−36.8%
May 25, 2011May 24, 2011 MLR Sale $608,740 +25.2%−11.1%−12.2%

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 Badgley Jeffrey I traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.