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Mezhvinsky Leonid: insider trades

Director at Ultra Clean Holdings, Inc. No open-market purchases and 15 sales not made under a pre-set plan, reported from March 8, 2010 to November 5, 2019.

What happened after Mezhvinsky Leonid’s sales?

After their sales, the shares moved −31.3% against the index over 12 months on average (a negative figure means selling was the right call); 100% 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 13 −13.5% −10.4% 69% 6 −1.39 0.22 No reliable evidence
Sales, 12 months after the report 13 −31.3% −34.5% 100% 6 −3.42 0.019 Some evidence: seller right
Sales, 12 months after the trade 13 −32.8% −32.8% 100% 6 −4.14 0.009 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
Ultra Clean Holdings, Inc. UCTT —015March 8, 2010November 5, 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
November 5, 2019November 4, 2019 UCTT Sale $497,250 −5.4%−5.2%−10.1%
May 30, 2017May 25, 2017 UCTT Sale $158,168 +0.2%−37.2%−39.3%
May 4, 2017May 2, 2017 UCTT Sale $473,976 −4.7%−29.3%−26.0%
March 4, 2014February 28, 2014 UCTT Sale $390,824 −45.5%−56.1%−52.1%
February 28, 2014February 26, 2014 UCTT Sale $466,550 −41.5%−52.9%−54.0%
November 14, 2013November 12, 2013 UCTT Sale $89,637 +30.4%−33.2%−32.5%
November 12, 2013November 8, 2013 UCTT Sale $173,700 +14.0%−34.5%−32.8%
November 8, 2013November 6, 2013 UCTT Sale $222,014 +13.6%−32.7%−29.3%
December 14, 2012December 12, 2012 UCTT Sale $165,265 not yetnot yetnot yet
December 4, 2012November 30, 2012 UCTT Sale $61,088 not yetnot yetnot yet
June 6, 2011May 27, 2011 UCTT Sale $39,838 −39.7%−39.1%−40.3%
June 6, 2011May 13, 2011 UCTT Sale $11,120 −39.7%−39.1%−46.1%
May 20, 2011May 10, 2011 UCTT Sale $45,424 −36.6%−41.4%−46.3%
March 8, 2010February 24, 2010 UCTT Sale $483,347 −10.4%−3.0%−9.9%
March 8, 2010February 23, 2010 UCTT Sale $411,938 −10.4%−3.0%−8.0%

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