Bryant Andy D: insider trades

Officer, Director at 2 companies we cover. No open-market purchases and 22 sales not made under a pre-set plan, reported from November 1, 2011 to November 18, 2019.

What happened after Bryant Andy D’s sales?

After their sales, the shares moved −7.8% against the index over 12 months on average (a negative figure means selling was the right call); 68% 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

Bryant Andy D: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
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	22	−2.1%	−1.6%	59%	9	−0.89	0.40	No reliable evidence
Sales, 12 months after the report	22	−7.8%	−3.3%	68%	9	−1.01	0.34	No reliable evidence
Sales, 12 months after the trade	22	−7.4%	−4.1%	59%	9	−0.95	0.37	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

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Intel INTC	Chairman	0	16	November 1, 2011	November 18, 2019
Columbia Sportswear Co COLM	—	0	6	February 24, 2015	August 5, 2019

Trades and what followed

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

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
November 18, 2019	November 15, 2019	INTC	Sale	$2,733,238	+3.4%	−37.3%	−36.9%
August 5, 2019	August 1, 2019	COLM	Sale	$888,247	−15.6%	−38.7%	−38.7%
August 1, 2019	July 31, 2019	INTC	Sale	$699,094	+12.8%	−13.1%	−14.0%
August 1, 2019	July 30, 2019	COLM	Sale	$2,152,800	−15.2%	−41.7%	−32.9%
November 1, 2018	October 30, 2018	COLM	Sale	$1,217,890	−0.8%	−14.4%	−16.3%
May 21, 2018	May 17, 2018	COLM	Sale	$1,702,488	+1.4%	+8.4%	+8.7%
May 10, 2018	May 8, 2018	INTC	Sale	$1,890,658	−14.3%	−21.2%	−20.4%
October 31, 2017	October 30, 2017	INTC	Sale	$3,991,098	−8.1%	−2.4%	+4.1%
February 28, 2017	February 27, 2017	COLM	Sale	$577,315	−2.9%	+24.4%	+19.2%
February 14, 2017	February 10, 2017	INTC	Sale	$2,843,543	−2.9%	+12.5%	+13.6%
October 24, 2016	October 20, 2016	INTC	Sale	$861,939	+0.1%	−1.9%	−5.1%
July 27, 2016	July 25, 2016	INTC	Sale	$15,440,346	+2.1%	−11.6%	−13.6%
April 22, 2016	April 21, 2016	INTC	Sale	$5,939,965	+7.1%	+4.4%	+2.6%
January 29, 2016	January 27, 2016	INTC	Sale	$6,157,380	−7.8%	+3.4%	+5.6%
October 22, 2015	October 21, 2015	INTC	Sale	$773,030	−5.8%	−1.5%	+1.4%
February 24, 2015	February 23, 2015	COLM	Sale	$805,218	+1.4%	+15.7%	+13.3%
November 4, 2014	October 31, 2014	INTC	Sale	$1,520,100	−2.8%	−2.2%	−3.2%
October 28, 2014	October 28, 2014	INTC	Sale	$5,745,468	−3.2%	−4.2%	−1.5%
July 28, 2014	July 24, 2014	INTC	Sale	$927,450	−2.3%	−21.9%	−22.6%
October 30, 2013	October 29, 2013	INTC	Sale	$17,014,744	−0.8%	+26.8%	+29.1%
February 1, 2012	February 1, 2012	INTC	Sale	$10,676,000	+4.1%	−32.7%	−32.9%
November 1, 2011	October 31, 2011	INTC	Sale	$2,663,280	+4.8%	−21.3%	−22.5%

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 Bryant Andy D traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.