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Rockwell Michael J: insider trades

Officer at Dolby Laboratories, Inc. No open-market purchases and 21 sales not made under a pre-set plan, reported from June 1, 2010 to January 27, 2015.

What happened after Rockwell Michael J’s sales?

After their sales, the shares moved −35.7% against the index over 12 months on average (a negative figure means selling was the right call); 95% 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 21 −12.0% −12.1% 81% 6 −1.56 0.18 No reliable evidence
Sales, 12 months after the report 21 −35.7% −33.8% 95% 6 −2.97 0.031 Some evidence: seller right
Sales, 12 months after the trade 21 −36.4% −34.0% 91% 6 −3.33 0.021 Some evidence: seller right

“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
Dolby Laboratories, Inc. DLB EVP, Advanced Technology Group021June 1, 2010January 27, 2015

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 27, 2015January 26, 2015 DLB Sale $367,661 −1.4%−4.4%−13.2%
December 29, 2014December 24, 2014 DLB Sale $52,760 −12.0%−22.0%−20.6%
December 18, 2014December 17, 2014 DLB Sale $163,507 −13.9%−22.3%−23.7%
August 20, 2014August 19, 2014 DLB Sale $115,962 −10.5%−31.9%−33.0%
August 14, 2014August 13, 2014 DLB Sale $182,968 −10.0%−33.8%−34.0%
February 28, 2014February 26, 2014 DLB Sale $488,520 −6.5%−17.8%−17.4%
December 19, 2013December 19, 2013 DLB Sale $120,811 +14.8%−0.2%+2.1%
October 31, 2013October 29, 2013 DLB Sale $34,222 +13.7%+2.1%+0.8%
May 9, 2012May 8, 2012 DLB Sale $359,420 −26.7%−36.8%−35.9%
April 8, 2011April 7, 2011 DLB Sale $15,800 −18.6%−32.7%−33.2%
March 1, 2011February 28, 2011 DLB Sale $29,116 −10.2%−30.8%−27.9%
February 16, 2011February 15, 2011 DLB Sale $296,591 −5.1%−27.4%−29.3%
December 10, 2010December 9, 2010 DLB Sale $793,229 −29.9%−53.7%−55.9%
December 8, 2010December 7, 2010 DLB Sale $555,571 −31.4%−55.9%−56.6%
November 23, 2010November 22, 2010 DLB Sale $36,229 −32.6%−53.5%−55.0%
November 17, 2010November 15, 2010 DLB Sale $122,794 −32.0%−60.8%−63.3%
August 23, 2010August 20, 2010 DLB Sale $32,056 +7.3%−52.4%−51.4%
August 17, 2010August 16, 2010 DLB Sale $105,394 +1.8%−53.2%−54.9%
June 16, 2010June 15, 2010 DLB Sale $1,362,574 −19.6%−52.6%−54.1%
June 4, 2010June 3, 2010 DLB Sale $1,353,000 −17.4%−56.5%−54.8%
June 1, 2010May 27, 2010 DLB Sale $842,071 −12.1%−53.4%−53.0%

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