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Graass James H: insider trades

Officer at Eagle Materials Inc. No open-market purchases and 35 sales not made under a pre-set plan, reported from March 7, 2011 to June 3, 2022.

What happened after Graass James H’s sales?

After their sales, the shares moved +22.9% 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 35 +4.3% +3.6% 46% 11 −0.22 0.83 No reliable evidence
Sales, 12 months after the report 35 +22.9% +3.0% 40% 11 0.85 0.41 No reliable evidence
Sales, 12 months after the trade 35 +23.1% +5.6% 40% 11 0.96 0.36 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
Eagle Materials Inc EXP EVP & General Counsel035March 7, 2011June 3, 2022

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 3, 2022June 1, 2022 EXP Sale $374,193 −9.9%+18.8%+24.4%
May 24, 2022May 20, 2022 EXP Sale $2,352,913 −4.4%+25.1%+29.9%
November 17, 2021November 15, 2021 EXP Sale $495,300 −6.5%−3.5%−6.3%
August 26, 2021August 24, 2021 EXP Sale $921,210 −0.8%−12.3%−10.8%
May 28, 2021May 26, 2021 EXP Sale $1,652,372 −1.5%−10.6%−8.6%
February 26, 2021February 24, 2021 EXP Sale $1,069,992 +5.9%−6.7%−6.8%
February 11, 2021February 9, 2021 EXP Sale $850,496 +17.0%+2.3%+5.6%
November 25, 2020November 24, 2020 EXP Sale $476,100 +29.9%+44.3%+40.2%
November 18, 2020November 16, 2020 EXP Sale $664,255 +26.3%+41.6%+50.0%
November 5, 2020November 3, 2020 EXP Sale $645,540 +19.9%+44.7%+25.7%
August 5, 2020August 3, 2020 EXP Sale $999,088 +3.9%+42.3%+37.8%
June 15, 2018June 13, 2018 EXP Sale $575,000 −27.4%−29.0%−28.0%
June 11, 2018June 7, 2018 EXP Sale $562,500 −25.7%−26.6%−24.5%
October 31, 2017October 30, 2017 EXP Sale $881,695 −3.6%−34.7%−37.4%
September 1, 2017August 30, 2017 EXP Sale $970,400 +6.6%−27.7%−25.2%
May 23, 2017May 19, 2017 EXP Sale $1,010,000 −10.2%−3.8%−6.4%
December 2, 2016December 2, 2016 EXP Sale $500,000 −6.9%−10.3%−8.2%
October 28, 2016October 26, 2016 EXP Sale $1,454,566 +20.7%+7.5%+11.6%
September 9, 2015September 8, 2015 EXP Sale $123,000 −27.3%−17.9%−14.8%
February 19, 2014February 14, 2014 EXP Sale $284,184 −4.4%−21.2%−19.5%
February 15, 2013February 14, 2013 EXP Sale $2,361,300 +3.8%+3.8%+3.0%
February 13, 2013February 11, 2013 EXP Sale $3,129,474 +3.1%+3.0%+3.7%
December 18, 2012December 17, 2012 EXP Sale $377,032 +9.2%−0.8%+2.3%
December 14, 2012December 12, 2012 EXP Sale $887,401 +15.4%+2.3%+6.3%
December 13, 2012December 11, 2012 EXP Sale $1,335,259 +16.5%+4.5%+8.6%
December 5, 2012December 3, 2012 EXP Sale $1,343,000 +25.6%+16.9%+13.3%
March 15, 2012March 13, 2012 EXP Sale $395,764 −4.4%+90.2%+88.8%
March 12, 2012March 8, 2012 EXP Sale $648,900 −2.9%+88.8%+102.3%
March 5, 2012March 1, 2012 EXP Sale $192,300 +4.2%+120.4%+109.5%
February 24, 2012February 22, 2012 EXP Sale $693,268 +3.7%+89.3%+80.6%
December 22, 2011December 20, 2011 EXP Sale $243,500 +24.7%+108.1%+122.3%
December 19, 2011December 15, 2011 EXP Sale $234,500 +34.2%+122.3%+132.1%
December 13, 2011December 9, 2011 EXP Sale $579,000 +41.6%+137.0%+121.7%
March 10, 2011March 8, 2011 EXP Sale $1,099,412 −12.7%+0.9%−6.4%
March 7, 2011March 4, 2011 EXP Sale $431,298 −11.9%−6.4%−8.7%

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