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Ferrando Jonathan P: insider trades

Officer at Autonation, Inc. No open-market purchases and 28 sales not made under a pre-set plan, reported from July 27, 2010 to March 17, 2017.

What happened after Ferrando Jonathan P’s sales?

After their sales, the shares moved −5.3% against the index over 12 months on average (a negative figure means selling was the right call); 71% 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 28 −4.8% −6.0% 75% 7 −2.66 0.038 Some evidence: seller right
Sales, 12 months after the report 28 −5.3% −4.8% 71% 7 −0.81 0.45 No reliable evidence
Sales, 12 months after the trade 28 −5.5% −5.5% 68% 7 −0.84 0.43 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
Autonation, Inc. AN EVP - GC, Corp Dev & HR028July 27, 2010March 17, 2017

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 17, 2017March 16, 2017 AN Sale $770,270 −12.2%−7.7%−6.0%
March 15, 2017March 13, 2017 AN Sale $4,953,841 −8.2%−6.0%−5.0%
March 10, 2017March 8, 2017 AN Sale $11,189,175 −9.0%−5.0%−7.4%
February 8, 2017February 6, 2017 AN Sale $2,412,081 −19.9%−1.5%−7.6%
June 9, 2016June 7, 2016 AN Sale $1,006,400 −3.0%−30.0%−37.6%
June 2, 2016May 31, 2016 AN Sale $1,010,200 −4.9%−36.3%−39.1%
November 10, 2015November 6, 2015 AN Sale $1,593,805 −14.4%−39.8%−39.2%
April 27, 2015April 23, 2015 AN Sale $2,285,900 −3.4%−19.0%−24.9%
February 6, 2015February 6, 2015 AN Sale $4,242,291 −4.1%−19.4%−21.5%
November 3, 2014October 30, 2014 AN Sale $1,075,870 +10.2%+10.0%+6.6%
May 23, 2014May 23, 2014 AN Sale $563,000 −9.5%−1.4%−4.0%
April 23, 2014April 21, 2014 AN Sale $1,100,200 −0.4%+6.7%+4.4%
March 5, 2014March 5, 2014 AN Sale $2,108,040 +3.6%+0.2%+1.0%
September 10, 2013September 6, 2013 AN Sale $1,437,510 −12.5%−20.9%−13.6%
June 5, 2013June 4, 2013 AN Sale $474,900 +2.1%+0.7%+1.6%
February 8, 2013February 6, 2013 AN Sale $1,749,805 −13.1%−16.1%−14.4%
October 28, 2011October 27, 2011 AN Sale $1,420,472 −13.1%−2.6%−0.9%
October 26, 2011October 25, 2011 AN Sale $2,019,500 −12.0%−0.9%+3.7%
September 9, 2011September 8, 2011 AN Sale $2,716,894 −11.9%−17.3%−18.4%
August 29, 2011August 26, 2011 AN Sale $3,644,178 −12.7%−19.9%−18.2%
August 24, 2011August 22, 2011 AN Sale $2,471,250 −11.9%−18.5%−19.2%
August 1, 2011July 28, 2011 AN Sale $770,200 +8.3%−5.2%−2.2%
May 11, 2011May 9, 2011 AN Sale $1,021,400 +13.3%−0.3%−2.5%
March 18, 2011March 17, 2011 AN Sale $762,888 +2.7%−4.6%−7.8%
February 8, 2011February 4, 2011 AN Sale $4,556,914 −1.6%+5.2%+15.8%
November 12, 2010November 10, 2010 AN Sale $1,341,000 +14.7%+20.5%+23.2%
August 2, 2010July 30, 2010 AN Sale $977,257 −7.0%+36.8%+34.3%
July 27, 2010July 23, 2010 AN Sale $225,339 −5.0%+42.7%+44.5%

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