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Levy John S: insider trades

Director at SL Green Realty Corp. No open-market purchases and 10 sales not made under a pre-set plan, reported from June 16, 2010 to September 13, 2018.

What happened after Levy John S’s sales?

After their sales, the shares moved −7.9% against the index over 12 months on average (a negative figure means selling was the right call); 80% 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 10 −1.0% −1.4% 70% 9 −0.31 0.76 No reliable evidence
Sales, 12 months after the report 10 −7.9% −9.8% 80% 9 −1.46 0.18 No reliable evidence
Sales, 12 months after the trade 10 −7.9% −8.4% 80% 9 −1.48 0.18 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
SL Green Realty Corp SLG —010June 16, 2010September 13, 2018

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
September 13, 2018August 22, 2018 SLG Sale $103,580 −0.1%−20.8%−24.3%
December 14, 2017December 12, 2017 SLG Sale $619,380 −6.8%−11.2%−11.1%
March 23, 2017March 21, 2017 SLG Sale $643,500 −3.7%−24.4%−24.3%
April 27, 2016April 25, 2016 SLG Sale $1,264,680 +5.9%−14.9%−11.5%
March 5, 2015March 3, 2015 SLG Sale $765,660 −7.0%−21.0%−21.0%
March 13, 2014March 11, 2014 SLG Sale $593,220 +7.4%+17.8%+16.8%
March 13, 2013March 11, 2013 SLG Sale $510,840 −0.8%−4.0%−4.7%
March 2, 2012February 29, 2012 SLG Sale $454,680 −2.1%−5.5%−3.7%
May 13, 2011May 11, 2011 SLG Sale $504,840 −3.1%−8.4%−5.7%
June 16, 2010June 14, 2010 SLG Sale $315,150 +0.6%+13.0%+10.6%

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