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Bond Robert W: insider trades

Officer at Parker Hannifin. No open-market purchases and 15 sales not made under a pre-set plan, reported from November 15, 2010 to November 20, 2017.

What happened after Bond Robert W’s sales?

After their sales, the shares moved −3.4% against the index over 12 months on average (a negative figure means selling was the right call); 67% 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 −1.3% −2.5% 60% 7 −0.49 0.64 No reliable evidence
Sales, 12 months after the report 15 −3.4% −5.5% 67% 7 −0.63 0.55 No reliable evidence
Sales, 12 months after the trade 15 −4.2% −6.7% 73% 7 −0.82 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
Parker Hannifin PH VP- eBus, IoT and Services015November 15, 2010November 20, 2017

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 20, 2017November 17, 2017 PH Sale $1,002,549 −6.2%−13.0%−12.8%
May 1, 2017April 28, 2017 PH Sale $2,020,656 −0.4%−5.4%−9.2%
November 14, 2016November 10, 2016 PH Sale $301,224 +2.6%+10.6%+13.9%
September 8, 2016September 8, 2016 PH Sale $1,748,494 +12.0%+19.9%+16.9%
June 7, 2016June 6, 2016 PH Sale $1,138,135 +3.4%+17.9%+19.1%
June 11, 2015June 10, 2015 PH Sale $360,000 −4.4%−5.5%−4.4%
November 25, 2014November 25, 2014 PH Sale $425,329 −8.2%−22.4%−23.2%
October 30, 2014October 29, 2014 PH Sale $210,949 −6.2%−20.5%−21.4%
May 12, 2014May 8, 2014 PH Sale $709,250 −13.1%−13.1%−15.2%
February 27, 2014February 27, 2014 PH Sale $1,647,106 +0.4%−11.5%−11.6%
December 3, 2012November 29, 2012 PH Sale $810,982 +10.0%+16.3%+13.7%
February 23, 2012February 21, 2012 PH Sale $630,000 −2.5%−7.0%−6.6%
November 15, 2011November 11, 2011 PH Sale $349,818 −3.7%−15.2%−15.8%
February 15, 2011February 14, 2011 PH Sale $409,674 −5.0%−4.1%−5.3%
November 15, 2010November 11, 2010 PH Sale $853,732 +2.8%+1.9%−1.1%

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 Bond Robert W traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.