undamentalytics Newsletter
Sign in

Berendt Michael J: insider trades

Director at Waters Corporation. No open-market purchases and 14 sales not made under a pre-set plan, reported from November 23, 2010 to August 16, 2021.

What happened after Berendt Michael J’s sales?

After their sales, the shares moved −8.6% against the index over 12 months on average (a negative figure means selling was the right call); 86% 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 −5.4% −7.0% 64% 10 −1.83 0.10 No reliable evidence
Sales, 12 months after the report 14 −8.6% −10.9% 86% 10 −1.82 0.10 No reliable evidence
Sales, 12 months after the trade 14 −9.0% −11.8% 86% 10 −2.31 0.046 Some evidence: seller right

“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
Waters Corporation WAT —014November 23, 2010August 16, 2021

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
August 16, 2021August 13, 2021 WAT Sale $324,915 −20.5%−14.9%−15.7%
August 13, 2021August 12, 2021 WAT Sale $1,593,720 −17.4%−16.8%−13.8%
May 25, 2021May 24, 2021 WAT Sale $369,477 +19.9%+0.2%+5.3%
November 10, 2020November 9, 2020 WAT Sale $920,400 +16.7%+25.2%+18.3%
February 26, 2019February 25, 2019 WAT Sale $718,920 −16.8%−26.3%−28.9%
May 11, 2017May 10, 2017 WAT Sale $174,010 0.0%−2.2%−2.9%
December 9, 2015December 8, 2015 WAT Sale $522,160 +0.1%−5.3%−5.9%
June 19, 2015June 18, 2015 WAT Sale $204,663 −4.3%−0.7%−1.5%
February 21, 2014February 20, 2014 WAT Sale $796,460 −14.9%−10.6%−11.7%
September 13, 2013September 11, 2013 WAT Sale $103,930 −14.3%−24.2%−21.7%
May 16, 2013May 15, 2013 WAT Sale $395,160 +0.6%−11.2%−11.9%
March 16, 2012March 15, 2012 WAT Sale $186,000 −8.1%−11.5%−11.9%
May 17, 2011May 13, 2011 WAT Sale $246,425 −10.0%−15.6%−16.3%
November 23, 2010November 22, 2010 WAT Sale $156,980 −5.9%−6.4%−7.1%

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 Berendt Michael J traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.