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Payne Barbara A: insider trades

Director at Utah Medical Products Inc. No open-market purchases and 17 sales not made under a pre-set plan, reported from February 20, 2018 to May 11, 2022.

What happened after Payne Barbara A’s sales?

After their sales, the shares moved −23.9% against the index over 12 months on average (a negative figure means selling was the right call); 88% 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 −12.3% −12.6% 82% 5 −1.43 0.23 No reliable evidence
Sales, 12 months after the report 17 −23.9% −17.5% 88% 5 −1.53 0.20 No reliable evidence
Sales, 12 months after the trade 17 −23.7% −21.8% 88% 5 −1.69 0.17 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
Utah Medical Products Inc UTMD —017February 20, 2018May 11, 2022

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
May 11, 2022May 11, 2022 UTMD Sale $170,400 +4.5%+6.2%+2.6%
November 18, 2021November 17, 2021 UTMD Sale $222,120 −10.5%−4.0%−1.8%
August 30, 2021August 27, 2021 UTMD Sale $176,392 +25.1%+17.9%+14.9%
March 10, 2021March 10, 2021 UTMD Sale $90,000 −18.6%−11.3%−10.0%
June 5, 2020June 5, 2020 UTMD Sale $108,000 −24.7%−51.5%−55.2%
June 4, 2020June 2, 2020 UTMD Sale $102,040 −29.1%−55.2%−54.4%
May 28, 2020May 27, 2020 UTMD Sale $95,000 −32.0%−53.0%−50.9%
May 27, 2020May 26, 2020 UTMD Sale $70,840 −31.9%−53.7%−46.4%
May 22, 2020May 21, 2020 UTMD Sale $21,245 −22.8%−46.4%−44.1%
May 19, 2020May 18, 2020 UTMD Sale $87,000 −21.2%−43.5%−43.5%
November 19, 2019November 19, 2019 UTMD Sale $70,962 −11.0%−34.2%−34.5%
February 28, 2019February 26, 2019 UTMD Sale $130,782 −8.5%−14.2%−4.5%
February 15, 2019February 13, 2019 UTMD Sale $227,748 −12.6%−17.5%−21.8%
November 28, 2018November 27, 2018 UTMD Sale $103,173 −11.5%−8.3%−3.6%
July 30, 2018July 27, 2018 UTMD Sale $144,000 −4.3%−11.7%−18.1%
May 9, 2018May 7, 2018 UTMD Sale $251,571 −13.6%−20.6%−28.7%
February 20, 2018February 16, 2018 UTMD Sale $90,700 +13.6%−5.3%−2.7%

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