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Losh J Michael: insider trades

Director at 4 companies we cover. No open-market purchases and 14 sales not made under a pre-set plan, reported from September 18, 2012 to August 19, 2021.

What happened after Losh J Michael’s sales?

After their sales, the shares moved +1.0% 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 +1.4% +2.4% 43% 9 1.09 0.31 No reliable evidence
Sales, 12 months after the report 14 +1.0% −0.7% 64% 9 0.29 0.78 No reliable evidence
Sales, 12 months after the trade 14 −0.4% −0.2% 50% 9 −0.01 0.99 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
Prologis PLD —07September 18, 2012August 13, 2018
Masco MAS —04May 6, 2016March 8, 2019
Aon plc AON —02November 7, 2019August 19, 2021
Fuller H B Co FUL —01January 25, 2013January 25, 2013

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 19, 2021August 17, 2021 AON Sale $2,516,580 −0.6%+11.0%+10.3%
November 7, 2019November 6, 2019 AON Sale $968,000 +10.0%−16.9%−20.2%
March 8, 2019March 7, 2019 MAS Sale $353,284 −7.7%−0.5%−0.9%
August 13, 2018August 9, 2018 PLD Sale $443,790 +10.1%+28.2%+25.5%
May 8, 2018May 4, 2018 PLD Sale $236,545 −4.9%+10.3%+6.9%
February 28, 2018February 27, 2018 MAS Sale $234,976 −10.1%−7.3%−12.7%
March 20, 2017March 20, 2017 MAS Sale $71,981 +11.1%+6.2%+3.6%
May 13, 2016May 12, 2016 PLD Sale $675,429 +7.1%−0.6%+0.4%
May 6, 2016May 5, 2016 MAS Sale $19,984 +8.9%−0.8%+1.2%
May 12, 2015May 12, 2015 PLD Sale $312,271 +4.2%+23.2%+20.6%
May 12, 2014May 9, 2014 PLD Sale $556,417 −4.2%−13.0%−12.8%
February 11, 2013February 8, 2013 PLD Sale $540,628 +1.1%−16.3%−15.7%
January 25, 2013January 24, 2013 FUL Sale $198,350 −9.8%−0.9%−0.8%
September 18, 2012September 14, 2012 PLD Sale $744,400 +3.7%−9.1%−10.8%

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