Laird Joseph E Jr: insider trades

Director at Factset Research Systems Inc. No open-market purchases and 23 sales not made under a pre-set plan, reported from January 3, 2011 to June 13, 2017.

What happened after Laird Joseph E Jr’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); 65% 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

Laird Joseph E Jr: 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	23	−0.4%	+0.6%	48%	6	0.56	0.60	No reliable evidence
Sales, 12 months after the report	23	+3.4%	−4.6%	65%	6	0.32	0.77	No reliable evidence
Sales, 12 months after the trade	23	+3.1%	−5.5%	65%	6	0.27	0.80	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
Factset Research Systems Inc FDS	—	0	23	January 3, 2011	June 13, 2017

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
June 13, 2017	June 13, 2017	FDS	Sale	$166,000	−6.8%	+12.7%	+12.7%
April 17, 2017	April 17, 2017	FDS	Sale	$160,000	−4.6%	+5.4%	+6.2%
February 14, 2017	February 10, 2017	FDS	Sale	$604,436	−12.1%	−4.8%	−7.1%
February 1, 2017	January 31, 2017	FDS	Sale	$368,876	−11.0%	−7.6%	−8.9%
January 10, 2017	January 6, 2017	FDS	Sale	$524,450	−9.3%	−6.2%	−7.7%
July 13, 2016	July 12, 2016	FDS	Sale	$165,000	−5.8%	−17.1%	−15.3%
July 6, 2016	July 1, 2016	FDS	Sale	$161,000	−4.2%	−15.4%	−13.6%
April 14, 2016	April 13, 2016	FDS	Sale	$379,250	+4.7%	−9.3%	−9.2%
January 19, 2016	January 14, 2016	FDS	Sale	$147,500	−2.9%	−4.4%	−4.6%
January 12, 2016	January 8, 2016	FDS	Sale	$276,025	−5.8%	−5.3%	−6.2%
April 14, 2015	April 14, 2015	FDS	Sale	$395,000	+3.6%	−3.4%	−4.2%
January 8, 2015	January 8, 2015	FDS	Sale	$280,160	+10.5%	+13.4%	+13.0%
September 22, 2014	September 19, 2014	FDS	Sale	$186,480	+12.4%	+35.1%	+35.3%
June 30, 2014	June 30, 2014	FDS	Sale	$120,000	+0.6%	+30.9%	+29.4%
June 23, 2014	June 20, 2014	FDS	Sale	$116,490	+2.6%	+31.2%	+31.8%
April 14, 2014	April 14, 2014	FDS	Sale	$103,000	+7.8%	+36.8%	+37.3%
January 15, 2014	January 13, 2014	FDS	Sale	$484,650	−3.4%	+19.9%	+19.9%
September 19, 2013	September 19, 2013	FDS	Sale	$221,840	−6.5%	−4.6%	−5.5%
July 15, 2013	July 15, 2013	FDS	Sale	$107,390	+0.6%	−5.1%	−5.5%
July 8, 2013	July 8, 2013	FDS	Sale	$105,640	+2.6%	−7.6%	−5.8%
June 21, 2013	June 21, 2013	FDS	Sale	$299,605	+2.4%	−6.1%	−5.4%
March 28, 2013	March 27, 2013	FDS	Sale	$185,000	+8.2%	−3.1%	−6.0%
January 3, 2011	January 3, 2011	FDS	Sale	$430,470	+7.8%	−8.4%	−8.9%

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 Laird Joseph E Jr traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.