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Hadley Philip A: insider trades

Chief executive, Director at Factset Research Systems Inc. No open-market purchases and 16 sales not made under a pre-set plan, reported from January 15, 2010 to April 2, 2020.

What happened after Hadley Philip A’s sales?

After their sales, the shares moved +8.0% against the index over 12 months on average (a negative figure means selling was the right call); 25% 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 16 +0.8% +4.8% 38% 8 0.51 0.63 No reliable evidence
Sales, 12 months after the report 16 +8.0% +11.2% 25% 8 0.62 0.55 No reliable evidence
Sales, 12 months after the trade 16 +7.3% +10.2% 25% 8 0.64 0.54 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
Factset Research Systems Inc FDS CEO & Chairman016January 15, 2010April 2, 2020

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
April 2, 2020March 31, 2020 FDS Sale $13,499,577 +5.9%−39.3%−36.7%
September 23, 2019September 19, 2019 FDS Sale $21,214,500 −9.0%+13.3%+6.8%
July 22, 2019July 19, 2019 FDS Sale $7,140,000 −10.3%+17.7%+17.0%
July 12, 2019July 10, 2019 FDS Sale $12,417,229 −15.4%+12.5%+13.0%
July 18, 2018July 12, 2018 FDS Sale $14,253,936 +5.6%+29.7%+35.1%
July 14, 2017July 12, 2017 FDS Sale $7,184,595 +5.3%+11.5%+10.2%
July 7, 2017July 5, 2017 FDS Sale $990,486 +6.1%+11.5%+7.9%
July 3, 2017June 29, 2017 FDS Sale $16,902,004 +6.5%+7.9%+3.8%
November 9, 2015November 8, 2015 FDS Sale $161,089 −10.1%−14.5%−13.4%
April 15, 2015April 15, 2015 FDS Sale $5,576,900 +3.9%−2.6%−3.4%
December 23, 2014December 23, 2014 FDS Sale $5,753,600 +10.0%+11.0%+10.3%
December 22, 2014December 19, 2014 FDS Sale $8,553,900 +9.5%+10.3%+11.6%
January 15, 2014January 13, 2014 FDS Sale $12,374,954 −3.4%+19.9%+19.9%
October 15, 2012October 11, 2012 FDS Sale $9,632,295 −4.5%−3.5%−4.5%
October 8, 2010October 7, 2010 FDS Sale $10,702,900 +4.2%+9.4%+11.3%
January 15, 2010January 14, 2010 FDS Sale $1,344,600 +7.8%+33.3%+28.7%

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 Hadley Philip A traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.