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Jackson Shirley A: insider trades

Director at 3 companies we cover. No open-market purchases and 13 sales not made under a pre-set plan, reported from January 19, 2011 to May 6, 2021.

What happened after Jackson Shirley A’s sales?

After their sales, the shares moved −2.5% against the index over 12 months on average (a negative figure means selling was the right call); 54% 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 13 +0.3% +0.5% 39% 7 −0.43 0.68 No reliable evidence
Sales, 12 months after the report 13 −2.5% −6.7% 54% 7 −1.36 0.22 No reliable evidence
Sales, 12 months after the trade 13 −2.1% −7.4% 54% 7 −1.32 0.23 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
FedEx FDX —010January 19, 2011May 6, 2021
Medtronic MDT —02March 22, 2016July 14, 2016
IBM IBM —01January 27, 2011January 27, 2011

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
May 6, 2021May 5, 2021 FDX Sale $923,826 −17.2%−31.1%−35.4%
September 23, 2020September 23, 2020 FDX Sale $1,309,684 −3.0%−45.4%−43.5%
November 2, 2017November 2, 2017 FDX Sale $841,861 +7.1%−7.5%−8.2%
March 27, 2017March 23, 2017 FDX Sale $1,186,722 +10.1%+12.2%+10.0%
July 14, 2016July 13, 2016 MDT Sale $186,499 −4.4%−16.6%−15.0%
March 22, 2016March 18, 2016 MDT Sale $93,593 +10.2%−6.7%−9.2%
October 27, 2014October 24, 2014 FDX Sale $606,478 +0.5%−14.6%−10.7%
October 21, 2013October 18, 2013 FDX Sale $1,630,762 +3.5%+10.8%+12.6%
July 15, 2013July 12, 2013 FDX Sale $453,288 +9.1%+29.4%+28.1%
May 6, 2013May 3, 2013 FDX Sale $388,455 +4.5%+22.0%+25.3%
February 5, 2013February 1, 2013 FDX Sale $1,817,689 −12.4%+4.1%+9.1%
January 27, 2011January 26, 2011 IBM Sale $646,212 +0.3%+17.9%+16.8%
January 19, 2011January 18, 2011 FDX Sale $669,550 −4.5%−6.7%−7.4%

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