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Benante Martin R: insider trades

Chief executive, Officer, Director at Curtiss Wright Corp. No open-market purchases and 17 sales not made under a pre-set plan, reported from May 13, 2010 to February 24, 2015.

What happened after Benante Martin R’s sales?

After their sales, the shares moved +9.5% against the index over 12 months on average (a negative figure means selling was the right call); 53% 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 +2.5% +0.8% 47% 6 0.39 0.71 No reliable evidence
Sales, 12 months after the report 17 +9.5% −0.8% 53% 6 0.70 0.52 No reliable evidence
Sales, 12 months after the trade 17 +9.4% +2.1% 47% 6 0.74 0.49 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
Curtiss Wright Corp CW Executive Chairman017May 13, 2010February 24, 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
February 24, 2015February 20, 2015 CW Sale $1,560,670 −0.9%+4.0%+2.8%
November 19, 2014November 17, 2014 CW Sale $903,621 −0.8%−1.7%−2.6%
May 14, 2014May 12, 2014 CW Sale $2,360,960 −2.5%−3.4%−8.3%
May 12, 2014May 8, 2014 CW Sale $2,376,884 −5.1%−6.0%−10.1%
March 24, 2014March 20, 2014 CW Sale $876,985 +0.8%+0.6%+2.3%
March 7, 2014March 5, 2014 CW Sale $536,884 +1.5%−1.7%−5.7%
March 5, 2014March 4, 2014 CW Sale $3,301,023 −2.3%−5.3%−6.9%
November 19, 2013November 18, 2013 CW Sale $639,916 +25.5%+22.6%+22.7%
November 5, 2013November 4, 2013 CW Sale $1,866,614 +14.4%+21.1%+24.1%
May 9, 2013May 9, 2013 CW Sale $21,672 +18.1%+82.1%+81.4%
April 3, 2013April 2, 2013 CW Sale $453,737 +8.7%+75.0%+73.8%
November 19, 2012November 16, 2012 CW Sale $952,909 +5.5%+36.9%+40.5%
March 29, 2012March 27, 2012 CW Sale $523,502 −13.0%−22.6%−20.0%
November 17, 2011November 16, 2011 CW Sale $392,152 +4.3%−21.0%−21.8%
April 14, 2011April 13, 2011 CW Sale $77,973 −5.2%+2.9%+2.1%
November 22, 2010November 18, 2010 CW Sale $178,953 +7.1%−0.8%+6.5%
May 13, 2010May 12, 2010 CW Sale $83,784 −12.8%−20.7%−21.0%

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