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Franklin Joseph P: insider trades

Officer at Frequency Electronics Inc. No open-market purchases and 16 sales not made under a pre-set plan, reported from February 3, 2010 to October 8, 2015.

What happened after Franklin Joseph P’s sales?

After their sales, the shares moved +22.3% against the index over 12 months on average (a negative figure means selling was the right call); 40% 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 15 +6.3% +5.9% 27% 6 1.59 0.17 No reliable evidence
Sales, 12 months after the report 15 +22.3% +6.9% 40% 6 0.68 0.53 No reliable evidence
Sales, 12 months after the trade 14 +17.6% +8.3% 43% 6 0.13 0.90 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
Frequency Electronics Inc FEIM Chairman of the Board016February 3, 2010October 8, 2015

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
October 8, 2015October 6, 2015 FEIM Sale $20,488 +9.3%−5.2%−10.4%
September 17, 2014September 17, 2014 FEIM Sale $60,621 −5.0%−1.6%−6.7%
April 30, 2014April 29, 2014 FEIM Sale $10,590 +5.9%+6.9%+10.3%
April 30, 2014April 28, 2014 FEIM Sale $21,560 +5.9%+6.9%+7.8%
April 1, 2014March 31, 2014 FEIM Sale $74,270 +8.3%+18.7%+16.5%
July 26, 2013July 23, 2013 FEIM Sale $14,658 +4.2%−7.0%−15.3%
February 1, 2012January 30, 2012 FEIM Sale $30,733 −8.6%−2.4%−4.1%
October 19, 2011October 12, 2011 FEIM Sale $33,485 −7.3%−23.7%−28.8%
July 19, 2011July 18, 2011 FEIM Sale $66,300 −8.6%−30.7%−27.5%
January 3, 2011December 30, 2010 FEIM Sale $65,550 +55.8%+18.8%+8.8%
September 16, 2010September 14, 2010 FEIM Sale $18,298 +2.7%+60.9%+77.5%
August 9, 2010August 5, 2010 FEIM Sale $10,482 +8.1%+71.8%+85.7%
August 5, 2010July 21, 2010 FEIM Sale $14,982 +11.2%+75.0%not yet
August 5, 2010March 12, 2010 FEIM Sale $156,542 +11.2%+75.0%+57.0%
April 23, 2010April 21, 2010 FEIM Sale $99,000 +1.6%+70.4%+75.9%
February 3, 2010January 9, 2009 FEIM Sale $67,865 not yetnot yetnot yet

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