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Bradley Edward: insider trades

Officer at Neogen Corp. No open-market purchases and 37 sales not made under a pre-set plan, reported from April 15, 2010 to February 21, 2018.

What happened after Bradley Edward’s sales?

After their sales, the shares moved +5.4% against the index over 12 months on average (a negative figure means selling was the right call); 49% 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 37 +2.9% +2.5% 41% 9 1.09 0.31 No reliable evidence
Sales, 12 months after the report 37 +5.4% +0.5% 49% 9 1.95 0.087 No reliable evidence
Sales, 12 months after the trade 37 +6.2% +1.0% 46% 9 1.74 0.12 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
Neogen Corp NEOG Vice President (retired)037April 15, 2010February 21, 2018

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
February 21, 2018February 16, 2018 NEOG Sale $417,223 +22.8%−0.1%+1.0%
January 30, 2018January 26, 2018 NEOG Sale $706,944 +23.5%+5.6%+3.9%
November 20, 2017November 17, 2017 NEOG Sale $1,431,624 −11.2%−8.5%−3.8%
October 10, 2017October 9, 2017 NEOG Sale $1,572,000 −8.1%+2.2%−5.2%
October 6, 2017October 4, 2017 NEOG Sale $424,519 −7.5%−5.2%−1.2%
September 29, 2017September 28, 2017 NEOG Sale $1,535,800 −5.9%−1.0%+5.4%
September 22, 2017September 20, 2017 NEOG Sale $2,771,081 +3.5%+15.7%+51.3%
June 20, 2017June 19, 2017 NEOG Sale $343,600 +0.8%+49.3%+44.4%
April 10, 2017April 6, 2017 NEOG Sale $1,293,448 +6.5%+34.1%+32.7%
November 23, 2016November 22, 2016 NEOG Sale $1,321,056 −4.5%+11.2%+13.1%
October 3, 2016September 29, 2016 NEOG Sale $287,290 +14.7%+21.1%+24.2%
August 2, 2016July 29, 2016 NEOG Sale $1,123,067 −3.6%+3.7%+3.5%
November 9, 2015November 6, 2015 NEOG Sale $873,234 −4.7%−3.6%−7.8%
November 6, 2015November 5, 2015 NEOG Sale $1,110,000 −2.4%−6.2%−6.2%
November 5, 2015November 4, 2015 NEOG Sale $1,360,071 −3.7%−7.8%−8.0%
August 26, 2015August 24, 2015 NEOG Sale $260,100 +6.7%+1.4%−3.5%
August 21, 2015August 19, 2015 NEOG Sale $18,095 +2.5%−3.5%−4.2%
March 31, 2015March 30, 2015 NEOG Sale $2,086,371 +0.7%+3.9%+4.6%
August 27, 2014August 25, 2014 NEOG Sale $312,321 +2.7%+22.9%+24.3%
April 2, 2014March 31, 2014 NEOG Sale $1,851,399 −11.7%−9.2%−8.6%
October 11, 2013October 9, 2013 NEOG Sale $572,461 −4.7%−15.0%−21.3%
October 10, 2013October 7, 2013 NEOG Sale $37,170 −2.9%−16.8%−20.5%
August 20, 2013August 20, 2013 NEOG Sale $242,046 +21.7%−2.9%−0.2%
August 16, 2013August 14, 2013 NEOG Sale $45,885 +19.6%+0.8%+0.3%
April 30, 2013April 29, 2013 NEOG Sale $359,973 +4.9%+0.5%+3.7%
April 29, 2013April 25, 2013 NEOG Sale $1,411,453 +5.2%+3.0%+4.4%
August 17, 2012August 15, 2012 NEOG Sale $244,968 +8.3%+15.5%+17.8%
May 21, 2012May 18, 2012 NEOG Sale $368,249 −0.2%+15.9%+10.3%
November 4, 2011November 3, 2011 NEOG Sale $226,454 −18.9%−3.9%−8.4%
May 3, 2011May 3, 2011 NEOG Sale $245,056 +5.5%−7.3%−7.9%
November 2, 2010October 29, 2010 NEOG Sale $72,641 −3.8%+3.0%+6.9%
October 12, 2010October 7, 2010 NEOG Sale $161,589 +2.2%−0.5%−1.0%
October 7, 2010October 5, 2010 NEOG Sale $211,859 +4.9%−2.4%−0.1%
October 4, 2010October 1, 2010 NEOG Sale $291,620 +11.9%−0.1%+5.6%
October 4, 2010September 29, 2010 NEOG Sale $281,277 +11.9%−0.1%−3.6%
April 19, 2010April 16, 2010 NEOG Sale $143,835 +12.6%+41.9%+42.2%
April 15, 2010April 14, 2010 NEOG Sale $253,433 +8.7%+42.2%+41.9%

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