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Harris Frank W: insider trades

Director at Brady Corp. No open-market purchases and 29 sales not made under a pre-set plan, reported from September 22, 2010 to June 13, 2022.

What happened after Harris Frank W’s sales?

After their sales, the shares moved −19.7% against the index over 12 months on average (a negative figure means selling was the right call); 93% 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 29 −3.8% −3.0% 76% 11 −2.23 0.050 Some evidence: seller right
Sales, 12 months after the report 29 −19.7% −18.1% 93% 11 −3.82 0.003 Strong evidence: seller right
Sales, 12 months after the trade 29 −18.9% −17.4% 93% 11 −3.61 0.005 Strong 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
Brady Corp BRC —029September 22, 2010June 13, 2022

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
June 13, 2022June 9, 2022 BRC Sale $48,100 −12.5%−11.8%−6.5%
July 1, 2021June 30, 2021 BRC Sale $55,760 −8.6%−3.2%−3.6%
March 16, 2021March 12, 2021 BRC Sale $82,548 −1.6%−28.3%−34.2%
March 11, 2021March 9, 2021 BRC Sale $118,954 −4.5%−34.2%−27.8%
February 25, 2021February 23, 2021 BRC Sale $223,678 −0.9%−26.4%−24.2%
December 30, 2020December 28, 2020 BRC Sale $101,260 −3.5%−25.0%−20.2%
May 28, 2020May 27, 2020 BRC Sale $52,400 −22.6%−26.2%−32.5%
November 27, 2019November 27, 2019 BRC Sale $58,620 −10.9%−38.4%−37.7%
November 27, 2019November 25, 2019 BRC Sale $57,880 −10.9%−38.4%−36.5%
October 1, 2019September 30, 2019 BRC Sale $106,500 −0.5%−39.2%−38.2%
September 20, 2019September 19, 2019 BRC Sale $162,810 −0.1%−38.1%−32.9%
February 28, 2019February 26, 2019 BRC Sale $96,079 −0.4%−7.4%−8.0%
September 25, 2018September 24, 2018 BRC Sale $369,790 +10.8%+19.4%+18.9%
June 15, 2018June 15, 2018 BRC Sale $79,880 +7.4%+13.6%+15.7%
February 28, 2017February 27, 2017 BRC Sale $233,460 −9.2%−17.0%−19.1%
December 19, 2016December 15, 2016 BRC Sale $76,500 −3.0%−18.1%−15.8%
November 21, 2016November 18, 2016 BRC Sale $184,550 −4.2%−15.4%−15.9%
May 31, 2016May 31, 2016 BRC Sale $95,580 +1.3%−3.0%−1.8%
March 7, 2013March 5, 2013 BRC Sale $102,150 −14.8%−44.2%−45.2%
March 5, 2013March 1, 2013 BRC Sale $17,000 −13.1%−44.5%−42.7%
November 26, 2012November 26, 2012 BRC Sale $15,580 −0.2%−36.9%−34.8%
November 21, 2012November 19, 2012 BRC Sale $92,040 +2.9%−35.2%−34.9%
July 5, 2011June 30, 2011 BRC Sale $32,060 −2.4%−19.0%−17.5%
April 1, 2011March 30, 2011 BRC Sale $17,830 −9.5%−16.6%−14.9%
February 25, 2011February 23, 2011 BRC Sale $71,300 −5.4%−12.8%−10.9%
December 29, 2010December 27, 2010 BRC Sale $33,250 +3.1%−2.6%−4.7%
November 8, 2010November 4, 2010 BRC Sale $64,000 −4.7%−8.3%−7.5%
September 30, 2010September 29, 2010 BRC Sale $29,200 +2.3%−7.9%−9.0%
September 22, 2010September 20, 2010 BRC Sale $56,240 +5.7%−6.3%−6.6%

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