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Wiehoff John: insider trades

Chief executive, Officer, Director at 2 companies we cover. No open-market purchases and 23 sales not made under a pre-set plan, reported from April 27, 2010 to June 23, 2021.

What happened after Wiehoff John’s sales?

After their sales, the shares moved −6.4% against the index over 12 months on average (a negative figure means selling was the right call); 78% 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 23 −3.4% −4.7% 83% 11 −2.80 0.019 Some evidence: seller right
Sales, 12 months after the report 23 −6.4% −5.5% 78% 11 −2.52 0.030 Some evidence: seller right
Sales, 12 months after the trade 23 −6.1% −6.1% 78% 11 −2.31 0.044 Some 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
C.H. Robinson CHRW Executive Chairman015April 27, 2010April 16, 2020
Donaldson Co Inc DCI —08November 28, 2012June 23, 2021

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 23, 2021June 22, 2021 DCI Sale $891,936 −8.5%−14.4%−12.0%
June 9, 2020June 8, 2020 DCI Sale $734,832 −9.8%−7.6%−7.2%
April 16, 2020April 14, 2020 CHRW Sale $15,730,210 +4.2%−11.3%−5.4%
August 12, 2019August 8, 2019 CHRW Sale $721,125 −14.5%−1.6%−2.0%
June 7, 2019June 6, 2019 DCI Sale $689,472 −0.9%−10.5%−6.7%
August 21, 2018August 17, 2018 CHRW Sale $2,893,500 −1.8%−15.1%−15.2%
June 15, 2018June 14, 2018 DCI Sale $689,184 +18.9%−2.3%−4.4%
February 12, 2018February 8, 2018 CHRW Sale $1,284,148 −10.0%−5.2%−5.4%
June 21, 2017June 20, 2017 DCI Sale $667,152 −3.1%−12.6%−12.2%
February 8, 2017February 6, 2017 CHRW Sale $1,830,971 −11.5%+5.4%+4.4%
September 15, 2016September 14, 2016 DCI Sale $523,008 +13.3%+5.9%+5.7%
February 9, 2016February 5, 2016 CHRW Sale $2,999,698 −5.6%−14.3%−11.8%
September 21, 2015September 18, 2015 DCI Sale $432,576 −8.6%+14.5%+15.6%
February 17, 2015February 12, 2015 CHRW Sale $879,704 −10.5%+8.5%+8.9%
August 4, 2014August 1, 2014 CHRW Sale $1,724,610 −3.0%−4.8%−4.4%
November 29, 2012November 27, 2012 CHRW Sale $1,513,052 −15.0%−32.7%−33.0%
November 28, 2012November 27, 2012 DCI Sale $963,360 −1.3%−4.8%−5.4%
February 17, 2012February 15, 2012 CHRW Sale $327,500 −6.3%−24.2%−22.6%
December 7, 2011December 6, 2011 CHRW Sale $689,470 −12.7%−23.6%−24.9%
November 8, 2010November 5, 2010 CHRW Sale $481,030 −4.7%−6.3%−6.7%
August 12, 2010August 11, 2010 CHRW Sale $1,291,200 −1.3%−3.3%−6.1%
August 3, 2010July 30, 2010 CHRW Sale $6,259,878 −0.2%−5.5%−6.6%
April 27, 2010April 27, 2010 CHRW Sale $84,630 +14.3%+19.0%+18.1%

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