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Schmertz Robert: insider trades

Officer at Steven Madden, LTD. No open-market purchases and 16 sales not made under a pre-set plan, reported from March 16, 2010 to March 23, 2015.

What happened after Schmertz Robert’s sales?

After their sales, the shares moved −0.6% against the index over 12 months on average (a negative figure means selling was the right call); 44% 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 16 +0.3% +2.1% 44% 6 0.70 0.51 No reliable evidence
Sales, 12 months after the report 16 −0.6% +0.8% 44% 6 0.01 0.99 No reliable evidence
Sales, 12 months after the trade 16 −0.5% +1.7% 44% 6 0.16 0.88 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
Steven Madden, LTD. SHOO Brand Director016March 16, 2010March 23, 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
March 23, 2015March 17, 2015 SHOO Sale $740,000 +8.0%−5.8%−1.2%
November 26, 2014November 25, 2014 SHOO Sale $1,147,602 +2.9%−9.2%−6.3%
June 16, 2014June 12, 2014 SHOO Sale $472,800 +1.4%+16.1%+16.0%
March 18, 2014March 17, 2014 SHOO Sale $364,800 −16.1%−10.3%−11.6%
November 22, 2013November 19, 2013 SHOO Sale $1,475,212 −9.9%−29.8%−31.0%
August 8, 2013August 6, 2013 SHOO Sale $547,500 −3.1%−26.3%−23.9%
May 15, 2013May 13, 2013 SHOO Sale $2,038,476 +10.3%−11.4%−14.4%
March 18, 2013March 15, 2013 SHOO Sale $804,772 +4.7%+4.1%+0.8%
November 16, 2012November 14, 2012 SHOO Sale $935,100 −5.7%+1.6%+5.3%
June 21, 2012June 19, 2012 SHOO Sale $1,541,550 +7.8%+6.8%+8.5%
March 6, 2012March 2, 2012 SHOO Sale $973,575 −2.3%−11.7%−11.9%
December 9, 2011December 7, 2011 SHOO Sale $788,040 +10.1%+0.1%+2.5%
June 2, 2011May 31, 2011 SHOO Sale $1,584,281 +8.6%+12.7%+9.5%
November 29, 2010November 24, 2010 SHOO Sale $674,550 −18.1%+9.4%+7.4%
November 24, 2010November 23, 2010 SHOO Sale $1,245,094 −16.7%+5.2%+6.4%
March 16, 2010March 12, 2010 SHOO Sale $1,241,350 +23.1%+38.7%+35.9%

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