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Woods Charles Scott: insider trades

Officer, Other at Trustmark Corp. No open-market purchases and 17 sales not made under a pre-set plan, reported from May 4, 2010 to April 29, 2019.

What happened after Woods Charles Scott’s sales?

After their sales, the shares moved −10.3% against the index over 12 months on average (a negative figure means selling was the right call); 88% 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 17 −1.8% −1.5% 71% 7 −1.76 0.13 No reliable evidence
Sales, 12 months after the report 17 −10.3% −8.8% 88% 7 −3.78 0.009 Strong evidence: seller right
Sales, 12 months after the trade 17 −10.6% −8.2% 94% 7 −3.71 0.010 Some 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
Trustmark Corp TRMK Executive Officer of017May 4, 2010April 29, 2019

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
April 29, 2019April 29, 2019 TRMK Sale $35,960 −2.8%−23.4%−25.1%
February 4, 2019February 1, 2019 TRMK Sale $78,750 +5.9%−17.6%−17.0%
November 28, 2018November 26, 2018 TRMK Sale $47,476 +9.9%−5.7%−6.7%
July 30, 2018July 27, 2018 TRMK Sale $70,838 −8.0%−4.7%−5.1%
December 11, 2017December 7, 2017 TRMK Sale $19,992 −3.3%−8.8%−8.2%
August 1, 2017July 28, 2017 TRMK Sale $32,001 −0.6%−2.4%−1.0%
November 21, 2014November 21, 2014 TRMK Sale $18,082 −5.0%+5.3%+6.3%
May 6, 2014May 6, 2014 TRMK Sale $22,850 −1.5%−5.1%−3.0%
February 11, 2014February 11, 2014 TRMK Sale $47,007 −5.3%−14.4%−15.5%
October 28, 2013October 25, 2013 TRMK Sale $41,340 −13.4%−23.0%−24.5%
May 15, 2013May 14, 2013 TRMK Sale $76,326 +2.8%−22.8%−23.2%
November 16, 2012November 16, 2012 TRMK Sale $52,225 +1.1%+1.0%−0.1%
August 17, 2012August 17, 2012 TRMK Sale $48,440 −7.8%−5.1%−6.3%
June 12, 2012June 11, 2012 TRMK Sale $47,520 −3.9%−19.1%−18.1%
January 27, 2012January 26, 2012 TRMK Sale $35,800 +2.1%−14.5%−14.6%
November 8, 2010November 8, 2010 TRMK Sale $16,275 −0.8%−1.3%−3.4%
May 4, 2010May 4, 2010 TRMK Sale $23,840 −0.6%−14.3%−15.1%

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