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Taylor Ronald L: insider trades

Chief executive, Director, Other at Covista Inc. No open-market purchases and 32 sales not made under a pre-set plan, reported from February 19, 2010 to August 24, 2018.

What happened after Taylor Ronald L’s sales?

After their sales, the shares moved −20.6% against the index over 12 months on average (a negative figure means selling was the right call); 81% 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 32 +2.4% −4.1% 63% 9 0.56 0.59 No reliable evidence
Sales, 12 months after the report 32 −20.6% −34.7% 81% 9 −1.17 0.28 No reliable evidence
Sales, 12 months after the trade 31 −20.1% −36.7% 74% 9 −1.37 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Covista Inc. CVSA CEO/Director032February 19, 2010August 24, 2018

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
August 24, 2018August 22, 2018 CVSA Sale $2,431,900 +22.8%−12.0%−9.9%
August 23, 2018August 21, 2018 CVSA Sale $1,702,750 +23.1%−11.7%+1.0%
August 22, 2018August 20, 2018 CVSA Sale $725,400 +21.4%−9.3%+1.8%
May 22, 2018May 21, 2018 CVSA Sale $883,018 −0.2%−12.2%−14.4%
February 15, 2018February 15, 2018 CVSA Sale $111,958 −2.7%−3.5%−1.6%
February 15, 2018February 13, 2018 CVSA Sale $4,565,031 −2.7%−3.5%−1.2%
February 9, 2018February 8, 2018 CVSA Sale $4,533,000 −5.0%−0.7%−0.5%
February 8, 2017February 6, 2017 CVSA Sale $49,500 +20.1%+23.1%+13.1%
September 2, 2016September 2, 2016 CVSA Sale $1,006,362 +30.1%+31.7%+35.8%
September 1, 2016September 1, 2016 CVSA Sale $1,143,500 +29.7%+35.8%+33.1%
August 31, 2016August 29, 2016 CVSA Sale $117,623 +29.7%+33.1%+30.7%
August 24, 2016August 22, 2016 CVSA Sale $35,714 +21.1%+29.2%+24.3%
May 5, 2015May 5, 2015 CVSA Sale $775,000 −5.6%−48.8%−46.8%
April 30, 2015April 29, 2015 CVSA Sale $775,000 +1.3%−42.7%−43.0%
April 28, 2015April 27, 2015 CVSA Sale $1,558,935 +0.5%−43.0%−44.8%
October 7, 2014November 7, 2008 CVSA Sale $2,856,150 −4.8%−36.9%not yet
May 19, 2014May 19, 2014 CVSA Sale $431,085 −7.1%−43.9%−44.3%
May 16, 2014May 16, 2014 CVSA Sale $902,781 −7.9%−44.3%−43.1%
May 15, 2014May 15, 2014 CVSA Sale $872,600 −7.4%−43.1%−41.9%
May 14, 2014May 13, 2014 CVSA Sale $2,203,500 −8.6%−41.9%−40.1%
May 12, 2014May 8, 2014 CVSA Sale $81,270 −10.4%−40.1%−42.6%
May 7, 2014May 7, 2014 CVSA Sale $225,400 −9.4%−42.6%−42.8%
May 2, 2014May 2, 2014 CVSA Sale $112,500 −8.7%−42.0%−45.4%
May 1, 2014April 28, 2014 CVSA Sale $963,430 −11.2%−45.4%−44.4%
February 27, 2014February 26, 2014 CVSA Sale $2,101,863 −3.4%−27.4%−28.7%
May 15, 2013May 14, 2013 CVSA Sale $1,425,000 −5.6%+28.4%+30.0%
February 15, 2012February 13, 2012 CVSA Sale $1,944,285 −18.1%−26.8%−35.5%
May 24, 2011May 24, 2011 CVSA Sale $1,242,218 −11.1%−49.7%−49.7%
May 13, 2011May 12, 2011 CVSA Sale $541,648 −7.3%−46.4%−46.4%
May 12, 2011May 11, 2011 CVSA Sale $535,000 −4.9%−46.4%−44.9%
May 10, 2011May 10, 2011 CVSA Sale $26,650 +14.1%−44.9%−43.7%
February 19, 2010February 17, 2010 CVSA Sale $2,463,210 +3.2%−32.5%−36.7%

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