Beecher Gregory R: insider trades

Chief financial officer, Director at 2 companies we cover. No open-market purchases and 21 sales not made under a pre-set plan, reported from April 28, 2010 to May 6, 2020.

What happened after Beecher Gregory R’s sales?

After their sales, the shares moved +3.2% against the index over 12 months on average (a negative figure means selling was the right call); 62% 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

Beecher Gregory R: 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	21	−2.7%	−7.7%	76%	9	−0.11	0.91	No reliable evidence
Sales, 12 months after the report	21	+3.2%	−9.3%	62%	9	0.63	0.54	No reliable evidence
Sales, 12 months after the trade	21	+2.2%	−8.3%	62%	9	0.50	0.63	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
Teradyne TER	VP and CFO	0	16	April 28, 2010	April 29, 2019
MKS Inc MKSI	—	0	5	February 11, 2011	May 6, 2020

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
May 6, 2020	May 5, 2020	MKSI	Sale	$1,740,821	+13.9%	+42.1%	+39.0%
April 29, 2019	April 25, 2019	TER	Sale	$1,932,937	+14.5%	+36.6%	+30.8%
February 1, 2019	January 31, 2019	TER	Sale	$989,021	+23.7%	+69.0%	+63.3%
February 1, 2018	January 30, 2018	TER	Sale	$3,320,441	−16.4%	−16.2%	−19.2%
May 5, 2017	May 4, 2017	MKSI	Sale	$320,245	−3.7%	+26.9%	+23.0%
May 2, 2017	May 1, 2017	MKSI	Sale	$1,445,872	−6.1%	+21.8%	+19.8%
May 2, 2017	April 28, 2017	TER	Sale	$2,836,400	−10.0%	−13.0%	−20.2%
February 8, 2017	February 6, 2017	TER	Sale	$4,177,375	+20.0%	+29.1%	+32.2%
February 26, 2014	February 24, 2014	TER	Sale	$1,619,561	−14.7%	−18.6%	−16.8%
January 30, 2014	January 28, 2014	TER	Sale	$1,063,224	−11.6%	−19.0%	−15.4%
March 6, 2013	March 5, 2013	TER	Sale	$2,155,894	−4.0%	−6.1%	−8.3%
February 21, 2012	February 16, 2012	TER	Sale	$304,544	−7.7%	−11.3%	−15.6%
February 8, 2012	February 7, 2012	MKSI	Sale	$127,800	−18.8%	−21.9%	−25.6%
February 6, 2012	February 2, 2012	TER	Sale	$1,381,236	−6.4%	−11.6%	−15.7%
March 2, 2011	February 28, 2011	TER	Sale	$515,625	−18.1%	−20.6%	−15.4%
February 14, 2011	February 11, 2011	TER	Sale	$351,000	−13.9%	−9.3%	−12.4%
February 11, 2011	February 9, 2011	MKSI	Sale	$600,833	−14.7%	+3.6%	+3.5%
February 10, 2011	February 9, 2011	TER	Sale	$189,000	−11.3%	−12.4%	−11.1%
February 3, 2011	February 1, 2011	TER	Sale	$1,143,131	−12.3%	−10.9%	−6.3%
November 29, 2010	November 24, 2010	TER	Sale	$661,406	+45.7%	−1.5%	−6.5%
April 28, 2010	April 26, 2010	TER	Sale	$1,310,000	−4.5%	+11.4%	+23.3%

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