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Gallagher James: insider trades

Officer at AMC Global Media Inc. No open-market purchases and 15 sales not made under a pre-set plan, reported from March 12, 2014 to May 15, 2024.

What happened after Gallagher James’s sales?

After their sales, the shares moved −44.3% against the index over 12 months on average (a negative figure means selling was the right call); 93% 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 −14.7% −15.1% 87% 10 −0.96 0.36 No reliable evidence
Sales, 12 months after the report 15 −44.3% −52.5% 93% 10 −4.07 0.003 Strong evidence: seller right
Sales, 12 months after the trade 15 −43.3% −52.5% 93% 10 −3.39 0.008 Strong 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
AMC Global Media Inc. AMCX EVP and General Counsel015March 12, 2014May 15, 2024

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
May 15, 2024May 14, 2024 AMCX Sale $388,500 −43.2%−73.0%−75.6%
December 20, 2023December 19, 2023 AMCX Sale $448,800 −46.8%−78.8%−79.7%
November 21, 2023November 20, 2023 AMCX Sale $216,434 −32.1%−71.6%−70.7%
February 23, 2023February 22, 2023 AMCX Sale $463,000 −54.5%−76.1%−77.2%
March 14, 2022March 11, 2022 AMCX Sale $800,000 −10.0%−52.2%−51.7%
March 16, 2021March 15, 2021 AMCX Sale $572,880 −17.8%−56.2%−52.5%
March 12, 2021March 10, 2021 AMCX Sale $343,000 −22.2%−52.5%−56.7%
November 18, 2020November 16, 2020 AMCX Sale $202,050 +70.3%+16.7%+33.8%
June 14, 2019June 12, 2019 AMCX Sale $273,050 −11.1%−60.0%−54.3%
March 8, 2019March 6, 2019 AMCX Sale $440,860 −15.0%−60.2%−67.8%
June 20, 2018June 18, 2018 AMCX Sale $154,123 −7.8%−24.6%−23.5%
May 21, 2018May 17, 2018 AMCX Sale $230,040 +3.3%−11.4%−9.8%
March 22, 2017March 20, 2017 AMCX Sale $235,000 −10.4%−26.5%−32.2%
May 26, 2015May 22, 2015 AMCX Sale $77,490 −0.4%−21.2%−15.1%
March 12, 2014March 11, 2014 AMCX Sale $229,380 −23.3%−16.3%−16.4%

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