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Shortridge Wayne: insider trades

Director at Sanmina Corp. No open-market purchases and 14 sales not made under a pre-set plan, reported from January 28, 2011 to May 25, 2018.

What happened after Shortridge Wayne’s sales?

After their sales, the shares moved +4.5% against the index over 12 months on average (a negative figure means selling was the right call); 43% 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 14 +1.4% +3.9% 43% 7 −0.87 0.42 No reliable evidence
Sales, 12 months after the report 14 +4.5% +17.3% 43% 7 −0.27 0.80 No reliable evidence
Sales, 12 months after the trade 14 +5.1% +15.6% 43% 7 −0.25 0.81 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
Sanmina Corp SANM —014January 28, 2011May 25, 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
May 25, 2018May 24, 2018 SANM Sale $312,897 −4.3%−13.2%−9.2%
February 16, 2018February 15, 2018 SANM Sale $135,050 +11.6%+17.9%+15.2%
February 6, 2017February 2, 2017 SANM Sale $1,511,713 −13.2%−53.8%−56.0%
November 23, 2016November 21, 2016 SANM Sale $190,440 +10.3%−15.9%−9.8%
August 11, 2016August 10, 2016 SANM Sale $104,200 +11.3%+25.2%+21.8%
May 11, 2016May 10, 2016 SANM Sale $147,720 −0.7%+28.0%+31.7%
February 26, 2016February 24, 2016 SANM Sale $60,840 +19.3%+64.5%+71.6%
August 14, 2015August 12, 2015 SANM Sale $20,467 +10.1%+16.8%+16.2%
May 28, 2015May 26, 2015 SANM Sale $63,480 −5.4%+20.5%+22.9%
August 27, 2014August 25, 2014 SANM Sale $143,100 +2.9%−17.7%−18.5%
August 7, 2014August 5, 2014 SANM Sale $141,360 +4.9%−19.6%−21.1%
February 26, 2014February 24, 2014 SANM Sale $102,540 +16.1%+17.7%+16.0%
August 20, 2013August 19, 2013 SANM Sale $62,934 −16.6%+23.5%+24.8%
January 28, 2011January 27, 2011 SANM Sale $109,060 −26.5%−31.1%−33.7%

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