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Warren Carrie A: insider trades

Officer at Tanger Inc. No open-market purchases and 30 sales not made under a pre-set plan, reported from March 8, 2010 to November 17, 2021.

What happened after Warren Carrie A’s sales?

After their sales, the shares moved −15.0% against the index over 12 months on average (a negative figure means selling was the right call); 70% 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 30 −2.4% −1.7% 63% 11 −1.71 0.12 No reliable evidence
Sales, 12 months after the report 30 −15.0% −13.2% 70% 11 −2.39 0.038 Some evidence: seller right
Sales, 12 months after the trade 30 −14.6% −13.2% 70% 11 −2.35 0.040 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
Tanger Inc. SKT EVP, Chief Marketing Officer030March 8, 2010November 17, 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 17, 2021November 16, 2021 SKT Sale $28,421 −14.8%+9.5%+11.3%
September 2, 2021September 2, 2021 SKT Sale $25,875 +14.7%+3.3%+4.7%
August 25, 2021August 23, 2021 SKT Sale $42,220 +27.4%+11.0%+9.0%
March 3, 2021March 3, 2021 SKT Sale $72,789 −0.6%−13.8%−17.1%
March 1, 2021February 26, 2021 SKT Sale $142,608 +7.0%−9.7%−3.4%
May 28, 2019May 24, 2019 SKT Sale $124,217 −21.0%−69.2%−67.5%
November 30, 2018November 29, 2018 SKT Sale $37,251 −10.9%−42.8%−43.8%
August 31, 2018August 30, 2018 SKT Sale $48,280 +6.7%−36.3%−38.1%
May 22, 2018May 22, 2018 SKT Sale $49,026 +12.9%−13.4%−14.2%
November 29, 2017November 28, 2017 SKT Sale $55,125 −10.4%−5.6%−5.5%
August 25, 2017August 23, 2017 SKT Sale $43,524 −2.9%−12.0%−12.2%
February 22, 2017February 21, 2017 SKT Sale $67,500 −24.3%−49.2%−49.0%
November 14, 2016November 10, 2016 SKT Sale $69,460 −10.9%−45.7%−47.6%
August 22, 2016August 18, 2016 SKT Sale $60,705 −16.8%−51.5%−51.0%
May 9, 2016May 6, 2016 SKT Sale $53,565 +6.6%−39.0%−40.0%
February 22, 2016February 19, 2016 SKT Sale $88,956 +2.1%−15.6%−14.6%
November 4, 2015November 4, 2015 SKT Sale $45,812 +0.9%−3.6%−2.9%
August 20, 2015August 19, 2015 SKT Sale $40,164 −1.0%+15.8%+18.3%
May 11, 2015May 8, 2015 SKT Sale $151,140 −2.0%+9.1%+12.1%
December 1, 2014November 26, 2014 SKT Sale $82,508 −6.5%−13.1%−7.9%
May 27, 2014May 23, 2014 SKT Sale $88,500 −7.5%−14.4%−14.7%
November 27, 2013November 26, 2013 SKT Sale $66,540 +2.2%−2.5%−3.5%
May 8, 2013May 8, 2013 SKT Sale $55,875 −17.4%−18.8%−18.4%
March 1, 2013February 28, 2013 SKT Sale $98,980 −9.8%−24.3%−25.6%
November 6, 2012November 5, 2012 SKT Sale $35,992 +2.0%−21.9%−19.7%
August 8, 2012August 7, 2012 SKT Sale $74,052 −0.8%−25.4%−24.2%
March 1, 2012March 1, 2012 SKT Sale $67,252 +10.2%+10.8%+10.3%
November 4, 2011November 3, 2011 SKT Sale $71,250 −2.3%+5.3%+1.0%
August 2, 2010August 2, 2010 SKT Sale $67,500 −1.4%+4.2%+5.2%
March 8, 2010March 5, 2010 SKT Sale $88,200 −2.7%+8.3%+10.8%

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