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Ashbaugh William M: insider trades

Officer at Capital Southwest Corp. No open-market purchases and 14 sales not made under a pre-set plan, reported from August 20, 2010 to May 27, 2015.

What happened after Ashbaugh William M’s sales?

After their sales, the shares moved −7.1% against the index over 12 months on average (a negative figure means selling was the right call); 64% 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 14 −0.2% +0.4% 50% 5 −0.63 0.56 No reliable evidence
Sales, 12 months after the report 14 −7.1% −8.8% 64% 5 −0.73 0.51 No reliable evidence
Sales, 12 months after the trade 14 −7.4% −12.8% 64% 5 −0.85 0.45 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
Capital Southwest Corp CSWC Senior Vice President014August 20, 2010May 27, 2015

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 27, 2015May 22, 2015 CSWC Sale $208,368 −3.0%−24.0%−25.7%
May 22, 2015May 20, 2015 CSWC Sale $713,023 −3.1%−26.6%−25.8%
March 23, 2015March 19, 2015 CSWC Sale $1,061,205 +2.3%−20.9%−20.5%
June 12, 2013June 11, 2013 CSWC Sale $205,112 −4.8%−20.3%−18.5%
June 12, 2013June 10, 2013 CSWC Sale $168,950 −4.8%−20.3%−17.5%
June 10, 2013June 6, 2013 CSWC Sale $253,394 −2.2%−18.5%−19.7%
March 7, 2013March 5, 2013 CSWC Sale $247,580 +8.6%−5.6%−8.8%
March 6, 2013March 4, 2013 CSWC Sale $124,080 +10.5%−5.8%−8.7%
December 19, 2012December 17, 2012 CSWC Sale $342,210 +3.4%+6.0%+6.6%
December 17, 2012December 14, 2012 CSWC Sale $105,770 +4.6%+4.1%+5.1%
June 20, 2012June 18, 2012 CSWC Sale $556,008 −1.5%+14.1%+20.2%
June 19, 2012June 15, 2012 CSWC Sale $51,370 +2.7%+16.8%+14.7%
August 8, 2011August 4, 2011 CSWC Sale $141,000 −18.0%+13.0%+11.8%
August 20, 2010August 18, 2010 CSWC Sale $71,600 +3.0%−11.7%−16.8%

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 Ashbaugh William M traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.