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Cotter Margaret: insider trades

Officer at Reading International Inc. No open-market purchases and 13 sales not made under a pre-set plan, reported from June 27, 2017 to December 26, 2019.

What happened after Cotter Margaret’s sales?

After their sales, the shares moved −64.4% against the index over 12 months on average (a negative figure means selling was the right call); 100% 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 −13.0% −11.6% 92% 3 — — Not enough years
Sales, 12 months after the report 13 −64.4% −76.2% 100% 3 — — Not enough years
Sales, 12 months after the trade 13 −63.8% −78.5% 100% 3 — — Not enough years

“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
Reading International Inc RDI EVP, Real Estate Development013June 27, 2017December 26, 2019

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
December 26, 2019December 26, 2019 RDI Sale $162,150 −43.2%−70.9%−70.2%
December 11, 2019December 10, 2019 RDI Sale $25,925 −21.9%−75.8%−78.5%
September 4, 2019August 30, 2019 RDI Sale $105,060 −24.2%−85.7%−88.8%
June 21, 2019June 19, 2019 RDI Sale $100,125 −4.2%−77.9%−78.4%
June 19, 2019June 17, 2019 RDI Sale $54,040 −7.0%−76.2%−79.2%
June 10, 2019June 6, 2019 RDI Sale $151,001 −4.6%−81.8%−79.7%
June 3, 2019May 30, 2019 RDI Sale $26,260 −7.8%−80.3%−84.8%
May 30, 2019May 29, 2019 RDI Sale $65,300 −13.5%−86.7%−81.6%
May 20, 2019May 16, 2019 RDI Sale $28,820 −13.4%−81.6%−80.1%
March 26, 2019March 21, 2019 RDI Sale $224,340 −25.3%−69.6%−60.9%
September 21, 2018September 20, 2018 RDI Sale $54,851 +11.4%−24.1%−23.1%
August 15, 2017August 11, 2017 RDI Sale $154,431 −11.6%−13.8%−15.8%
June 27, 2017June 23, 2017 RDI Sale $79,287 −3.4%−12.7%−8.6%

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