Reilly Wendell: insider trades

Director at Lamar Advertising Co. No open-market purchases and 9 sales not made under a pre-set plan, reported from September 25, 2012 to November 28, 2022.

What happened after Reilly Wendell’s sales?

After their sales, the shares moved +2.4% against the index over 12 months on average (a negative figure means selling was the right call); 56% 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

Reilly Wendell: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
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	9	+5.4%	+7.5%	11%	3	—	—	Not enough years
Sales, 12 months after the report	9	+2.4%	−3.7%	56%	3	—	—	Not enough years
Sales, 12 months after the trade	9	−0.3%	−1.3%	56%	3	—	—	Not enough years

“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

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Lamar Advertising Co LAMR	—	0	9	September 25, 2012	November 28, 2022

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
November 28, 2022	November 25, 2022	LAMR	Sale	$400,000	+7.5%	−9.2%	−10.1%
January 22, 2016	December 28, 2015	LAMR	Sale	$1,084,500	+2.8%	+20.7%	+5.4%
December 13, 2012	December 11, 2012	LAMR	Sale	$36,000	+6.8%	−3.7%	−1.3%
November 26, 2012	November 21, 2012	LAMR	Sale	$346,348	+7.9%	−4.3%	−5.1%
November 21, 2012	November 19, 2012	LAMR	Sale	$7,759,083	+1.6%	−4.3%	−7.6%
November 16, 2012	November 14, 2012	LAMR	Sale	$1,738,231	−1.1%	−7.6%	−11.0%
September 25, 2012	September 24, 2012	LAMR	Sale	$2,030,737	+7.7%	+10.1%	+9.1%
September 25, 2012	September 24, 2012	LAMR	Sale	$1,351,398	+7.7%	+10.1%	+9.1%
September 25, 2012	September 24, 2012	LAMR	Sale	$712,613	+7.7%	+10.1%	+9.1%

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