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Pol Anne: insider trades

Director at UGI Corp. No open-market purchases and 13 sales not made under a pre-set plan, reported from September 15, 2010 to June 12, 2019.

What happened after Pol Anne’s sales?

After their sales, the shares moved −7.0% against the index over 12 months on average (a negative figure means selling was the right call); 46% 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 13 −0.1% +2.5% 39% 9 0.01 1.00 No reliable evidence
Sales, 12 months after the report 13 −7.0% +1.3% 46% 9 −0.81 0.44 No reliable evidence
Sales, 12 months after the trade 13 −7.2% +0.9% 46% 9 −0.90 0.39 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
UGI Corp UGI —013September 15, 2010June 12, 2019

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 12, 2019June 10, 2019 UGI Sale $357,172 −10.4%−46.2%−43.4%
November 20, 2018November 19, 2018 UGI Sale $171,720 −9.3%−40.4%−39.8%
June 1, 2018May 31, 2018 UGI Sale $151,890 +2.5%+3.4%+2.4%
June 16, 2017June 15, 2017 UGI Sale $341,618 −8.5%−13.7%−16.3%
March 3, 2017March 2, 2017 UGI Sale $290,760 +2.8%−25.0%−24.6%
February 12, 2016February 10, 2016 UGI Sale $457,725 +9.8%+7.9%+7.7%
June 12, 2015June 10, 2015 UGI Sale $456,068 +2.0%+26.6%+23.2%
December 16, 2014December 12, 2014 UGI Sale $253,462 −12.4%−11.8%−14.8%
August 6, 2014August 4, 2014 UGI Sale $165,585 +13.5%+1.3%+1.9%
February 12, 2014February 10, 2014 UGI Sale $213,100 +7.0%+4.6%+10.2%
August 6, 2013August 2, 2013 UGI Sale $362,270 −6.4%+2.5%+1.0%
November 21, 2012November 20, 2012 UGI Sale $189,720 +5.4%+1.8%+0.9%
September 15, 2010September 15, 2010 UGI Sale $168,360 +3.4%−2.4%−1.4%

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