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Meyer Stephen: insider trades

Officer at SEI Investments Co. No open-market purchases and 21 sales not made under a pre-set plan, reported from November 5, 2012 to December 14, 2020.

What happened after Meyer Stephen’s sales?

After their sales, the shares moved −7.2% against the index over 12 months on average (a negative figure means selling was the right call); 71% 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 21 −2.9% −9.8% 57% 9 −0.50 0.63 No reliable evidence
Sales, 12 months after the report 21 −7.2% −18.2% 71% 9 −0.73 0.49 No reliable evidence
Sales, 12 months after the trade 21 −7.0% −16.5% 71% 9 −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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
SEI Investments Co SEIC Executive Vice President021November 5, 2012December 14, 2020

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
December 14, 2020December 11, 2020 SEIC Sale $394,310 +2.2%−17.5%−19.5%
December 16, 2019December 12, 2019 SEIC Sale $655,400 −11.7%−31.8%−31.0%
November 26, 2019November 22, 2019 SEIC Sale $2,097,900 −9.8%−30.9%−29.0%
November 26, 2019November 21, 2019 SEIC Sale $107,151 −9.8%−30.9%−29.3%
March 22, 2018March 21, 2018 SEIC Sale $351,017 −16.8%−40.1%−39.7%
March 15, 2018March 13, 2018 SEIC Sale $391,631 −15.1%−35.8%−35.5%
March 13, 2018March 12, 2018 SEIC Sale $1,581,635 −14.7%−34.7%−35.5%
October 2, 2017September 28, 2017 SEIC Sale $1,230,200 +8.2%−20.0%−18.0%
March 9, 2017March 8, 2017 SEIC Sale $512,600 −1.6%+31.6%+30.8%
May 26, 2016May 24, 2016 SEIC Sale $255,050 −13.8%−19.2%−19.5%
May 25, 2016May 18, 2016 SEIC Sale $444,060 −13.2%−18.2%−15.8%
May 12, 2016May 10, 2016 SEIC Sale $491,200 −10.7%−11.9%−11.7%
December 15, 2015December 14, 2015 SEIC Sale $503,700 −20.9%−19.0%−16.5%
November 4, 2015November 2, 2015 SEIC Sale $1,069,800 −23.6%−18.9%−18.4%
November 10, 2014November 7, 2014 SEIC Sale $783,000 +6.8%+33.7%+32.9%
August 1, 2014July 30, 2014 SEIC Sale $726,800 +3.3%+42.6%+38.2%
May 8, 2013May 7, 2013 SEIC Sale $575,800 +8.4%−4.3%−3.7%
May 6, 2013May 3, 2013 SEIC Sale $574,985 +7.3%−3.7%−5.1%
December 12, 2012December 3, 2012 SEIC Sale $420,520 +21.6%+25.5%+26.6%
November 26, 2012November 21, 2012 SEIC Sale $222,500 +20.8%+24.6%+25.9%
November 5, 2012November 1, 2012 SEIC Sale $307,439 +23.0%+27.2%+26.5%

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