Eisenberg Glenn A: insider trades

Chief financial officer, Officer at 2 companies we cover. No open-market purchases and 17 sales not made under a pre-set plan, reported from May 12, 2010 to December 4, 2024.

What happened after Eisenberg Glenn A’s sales?

After their sales, the shares moved −2.6% against the index over 12 months on average (a negative figure means selling was the right call); 77% 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

Eisenberg Glenn A: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
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	−1.0%	+0.3%	41%	11	−0.63	0.54	No reliable evidence
Sales, 12 months after the report	17	−2.6%	−4.2%	77%	11	−1.40	0.19	No reliable evidence
Sales, 12 months after the trade	17	−3.0%	−5.2%	82%	11	−1.34	0.21	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

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Labcorp LH	Executive Vice President	0	10	August 8, 2016	December 4, 2024
Timken Co TKR	Ex VP Finance & Administration	0	7	May 12, 2010	February 18, 2014

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
December 4, 2024	December 2, 2024	LH	Sale	$2,815,676	+10.2%	−2.9%	−4.9%
August 19, 2024	August 15, 2024	LH	Sale	$3,359,846	+0.5%	+7.8%	+7.1%
February 22, 2024	February 21, 2024	LH	Sale	$7,451,961	−13.7%	−2.0%	−4.8%
August 5, 2022	August 3, 2022	LH	Sale	$8,151,527	−2.1%	−9.8%	−9.3%
June 11, 2019	June 7, 2019	LH	Sale	$1,673,951	0.0%	−8.1%	−5.4%
June 1, 2018	May 30, 2018	LH	Sale	$1,812,043	−11.6%	−13.8%	−14.1%
February 14, 2018	February 12, 2018	LH	Sale	$1,405,861	+1.3%	−17.6%	−18.2%
August 3, 2017	August 1, 2017	LH	Sale	$951,657	−8.9%	−4.2%	−6.7%
March 13, 2017	March 9, 2017	LH	Sale	$327,680	−4.7%	+3.4%	+2.8%
August 8, 2016	August 4, 2016	LH	Sale	$1,120,804	−8.8%	−2.9%	−3.4%
February 18, 2014	February 14, 2014	TKR	Sale	$656,554	+3.4%	−13.9%	−14.8%
May 10, 2013	May 9, 2013	TKR	Sale	$1,061,351	+4.1%	−5.1%	−5.2%
February 23, 2012	February 23, 2012	TKR	Sale	$557,284	+0.3%	−8.3%	−10.2%
February 14, 2012	February 13, 2012	TKR	Sale	$1,015,904	+1.6%	−3.1%	−6.7%
February 11, 2011	February 9, 2011	TKR	Sale	$1,917,312	−0.7%	+1.3%	−0.4%
November 15, 2010	November 12, 2010	TKR	Sale	$2,494,600	+6.9%	−4.2%	−3.9%
May 12, 2010	May 11, 2010	TKR	Sale	$367,335	+5.8%	+39.2%	+47.1%

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