undamentalytics Newsletter
Sign in

Klenz Walter: insider trades

Director at Columbia Sportswear Co. No open-market purchases and 16 sales not made under a pre-set plan, reported from February 3, 2011 to November 15, 2021.

What happened after Klenz Walter’s sales?

After their sales, the shares moved 0.0% against the index over 12 months on average (a negative figure means selling was the right call); 56% 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 16 −0.2% −0.3% 50% 9 −0.14 0.89 No reliable evidence
Sales, 12 months after the report 16 0.0% −4.3% 56% 9 0.29 0.78 No reliable evidence
Sales, 12 months after the trade 16 +0.9% −5.2% 63% 9 0.31 0.76 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
Columbia Sportswear Co COLM —016February 3, 2011November 15, 2021

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
November 15, 2021November 12, 2021 COLM Sale $126,316 −2.9%−8.5%−9.0%
February 11, 2021February 9, 2021 COLM Sale $788,170 −2.0%−18.0%−20.2%
February 26, 2019February 25, 2019 COLM Sale $715,025 −9.9%−28.1%−32.7%
November 28, 2018November 27, 2018 COLM Sale $776,512 +12.3%−15.1%−12.9%
February 28, 2018February 26, 2018 COLM Sale $887,224 +13.7%+31.7%+34.7%
November 20, 2017November 17, 2017 COLM Sale $766,708 +4.9%+29.6%+28.5%
February 29, 2016February 26, 2016 COLM Sale $606,394 −17.4%−29.9%−27.0%
February 18, 2016February 16, 2016 COLM Sale $455,603 −16.9%−26.8%−24.6%
August 5, 2015August 4, 2015 COLM Sale $834,452 −18.1%−23.8%−20.7%
February 24, 2015February 23, 2015 COLM Sale $681,814 +1.4%+15.7%+13.3%
August 20, 2014August 19, 2014 COLM Sale $181,492 +8.4%+60.4%+61.6%
November 27, 2013November 27, 2013 COLM Sale $462,858 +18.8%+11.7%+15.6%
October 30, 2013October 29, 2013 COLM Sale $424,972 +10.6%−0.1%−1.1%
February 21, 2013February 20, 2013 COLM Sale $307,845 −2.4%+23.4%+35.2%
November 18, 2011November 17, 2011 COLM Sale $114,733 −9.8%+1.5%−1.3%
February 3, 2011February 2, 2011 COLM Sale $266,654 +6.4%−23.9%−24.4%

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