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Ellis Gary Lee: insider trades

Chief financial officer, Officer, Director at 2 companies we cover. No open-market purchases and 13 sales not made under a pre-set plan, reported from March 27, 2015 to June 10, 2026.

What happened after Ellis Gary Lee’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); 58% 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 −1.5% −3.0% 62% 12 −0.57 0.58 No reliable evidence
Sales, 12 months after the report 12 −7.0% −2.9% 58% 11 −1.21 0.25 No reliable evidence
Sales, 12 months after the trade 12 −7.1% −1.5% 50% 11 −1.29 0.23 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
Toro Co TTC —011February 24, 2016June 10, 2026
Medtronic MDT EVP & Global Ops and IT02March 27, 2015July 14, 2016

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 10, 2026June 9, 2026 TTC Sale $455,046 −2.9%not yetnot yet
June 12, 2025June 11, 2025 TTC Sale $356,741 +7.8%+10.9%+6.2%
March 18, 2024March 15, 2024 TTC Sale $460,790 +3.1%−28.2%−30.4%
March 24, 2023March 22, 2023 TTC Sale $564,094 −18.2%−50.4%−50.5%
June 10, 2022June 9, 2022 TTC Sale $569,528 +8.3%+5.6%+9.5%
March 17, 2021March 15, 2021 TTC Sale $1,033,939 −8.2%−31.6%−26.9%
June 15, 2020June 12, 2020 TTC Sale $628,962 +16.3%+19.4%+16.3%
February 27, 2019February 26, 2019 TTC Sale $1,036,409 −4.4%−2.8%+0.1%
June 1, 2018May 30, 2018 TTC Sale $801,948 −3.0%+11.2%+6.8%
June 1, 2017May 31, 2017 TTC Sale $708,944 −12.3%−28.1%−28.7%
July 14, 2016July 13, 2016 MDT Sale $3,146,277 −4.4%−16.6%−15.0%
February 24, 2016February 22, 2016 TTC Sale $522,448 +3.9%+29.2%+30.5%
March 27, 2015March 25, 2015 MDT Sale $3,360,069 −5.2%−2.9%−3.1%

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