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Irwin Thomas S: insider trades

Officer at Heico Corp. No open-market purchases and 17 sales not made under a pre-set plan, reported from June 1, 2010 to January 11, 2023.

What happened after Irwin Thomas S’s sales?

After their sales, the shares moved +14.6% against the index over 12 months on average (a negative figure means selling was the right call); 41% 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 17 +3.6% +5.8% 29% 11 0.62 0.55 No reliable evidence
Sales, 12 months after the report 17 +14.6% +23.7% 41% 11 0.91 0.38 No reliable evidence
Sales, 12 months after the trade 17 +15.1% +25.0% 41% 11 0.94 0.37 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
Heico Corp HEI Sr Exec VP017June 1, 2010January 11, 2023

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
January 11, 2023January 10, 2023 HEI Sale $438,588 −1.4%−16.9%−14.1%
March 30, 2022March 29, 2022 HEI Sale $2,504,400 +2.1%+19.8%+20.9%
January 6, 2021January 5, 2021 HEI Sale $1,154,300 −13.1%−18.1%−17.5%
January 11, 2019January 10, 2019 HEI Sale $706,400 +13.4%+23.7%+25.0%
September 22, 2017September 21, 2017 HEI Sale $1,525,600 −3.4%+40.4%+40.5%
June 30, 2017June 29, 2017 HEI Sale $610,077 +18.3%+41.1%+46.7%
April 26, 2017April 25, 2017 HEI Sale $596,700 +8.6%+42.2%+47.6%
January 5, 2017January 3, 2017 HEI Sale $3,652,138 +6.4%+34.1%+28.1%
October 21, 2016October 19, 2016 HEI Sale $939,779 +8.2%+49.9%+45.5%
September 12, 2016September 8, 2016 HEI Sale $427,061 +9.8%+37.0%+40.4%
April 8, 2016April 7, 2016 HEI Sale $879,300 +5.8%+26.2%+28.2%
February 28, 2014February 26, 2014 HEI Sale $1,769,285 −20.3%−18.7%−22.3%
October 1, 2013September 27, 2013 HEI Sale $2,676,443 −1.0%−27.0%−31.2%
September 6, 2013September 4, 2013 HEI Sale $2,202,951 +3.8%−21.9%−20.2%
April 2, 2012April 2, 2012 HEI Sale $1,024,200 +2.1%−0.4%−1.6%
April 4, 2011April 1, 2011 HEI Sale $2,846,028 +14.4%−6.1%−4.7%
June 1, 2010May 27, 2010 HEI Sale $2,401,800 +7.9%+42.7%+45.9%

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