Hays Sara L: insider trades

Director at Apogee Enterprises, Inc. No open-market purchases and 15 sales not made under a pre-set plan, reported from September 25, 2012 to April 18, 2019.

What happened after Hays Sara L’s sales?

After their sales, the shares moved +0.5% against the index over 12 months on average (a negative figure means selling was the right call); 47% 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

Hays Sara L: 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	15	+2.0%	−0.3%	60%	8	0.95	0.37	No reliable evidence
Sales, 12 months after the report	15	+0.5%	+1.0%	47%	8	−0.61	0.56	No reliable evidence
Sales, 12 months after the trade	15	−0.7%	−1.4%	60%	8	−0.75	0.48	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

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Apogee Enterprises, Inc. APOG	—	0	15	September 25, 2012	April 18, 2019

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
April 18, 2019	April 17, 2019	APOG	Sale	$77,693	+0.2%	−49.0%	−54.6%
January 25, 2018	January 25, 2018	APOG	Sale	$101,330	−3.1%	−20.0%	−19.2%
January 6, 2017	January 5, 2017	APOG	Sale	$109,520	+3.4%	−37.5%	−38.6%
July 14, 2016	July 13, 2016	APOG	Sale	$94,000	−6.4%	+1.0%	−1.4%
October 14, 2015	October 13, 2015	APOG	Sale	$74,325	−13.7%	−17.0%	−17.2%
July 20, 2015	July 17, 2015	APOG	Sale	$80,700	−2.8%	−15.4%	−13.7%
April 15, 2015	April 14, 2015	APOG	Sale	$166,533	−0.2%	−14.6%	−16.6%
January 14, 2015	January 13, 2015	APOG	Sale	$147,035	+20.5%	−2.2%	−3.1%
September 23, 2014	September 22, 2014	APOG	Sale	$121,950	−3.8%	+13.6%	+18.7%
July 9, 2014	July 9, 2014	APOG	Sale	$119,350	+13.7%	+46.6%	+42.0%
April 24, 2014	April 23, 2014	APOG	Sale	$179,416	−1.5%	+54.5%	+52.7%
January 7, 2014	January 6, 2014	APOG	Sale	$152,308	−9.3%	+5.0%	−0.8%
July 16, 2013	July 12, 2013	APOG	Sale	$66,925	+14.2%	+6.6%	+5.7%
April 25, 2013	April 25, 2013	APOG	Sale	$63,425	−0.3%	+4.0%	+6.0%
September 25, 2012	September 24, 2012	APOG	Sale	$33,499	+18.9%	+32.2%	+29.1%

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