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Cullman Jeffery A: insider trades

Officer at Parker Hannifin. No open-market purchases and 16 sales not made under a pre-set plan, reported from April 22, 2010 to May 14, 2015.

What happened after Cullman Jeffery A’s sales?

After their sales, the shares moved −1.9% against the index over 12 months on average (a negative figure means selling was the right call); 63% 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 16 −3.2% −4.4% 63% 6 −3.98 0.011 Some evidence: seller right
Sales, 12 months after the report 16 −1.9% −5.1% 63% 6 0.27 0.80 No reliable evidence
Sales, 12 months after the trade 16 −2.4% −6.9% 63% 6 0.11 0.92 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
Parker Hannifin PH VP, President - Hydraulics Grp016April 22, 2010May 14, 2015

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
May 14, 2015May 13, 2015 PH Sale $380,841 −6.1%−5.4%−6.9%
March 5, 2015March 3, 2015 PH Sale $655,905 +0.2%−4.9%−8.4%
August 19, 2014August 19, 2014 PH Sale $629,750 +7.9%−10.9%−8.7%
May 22, 2014May 21, 2014 PH Sale $700,177 −10.8%−11.3%−10.9%
May 1, 2014April 30, 2014 PH Sale $697,821 −11.2%−15.5%−17.1%
December 10, 2013December 6, 2013 PH Sale $740,996 −5.0%−7.8%−9.1%
August 20, 2013August 19, 2013 PH Sale $277,426 +5.0%−6.7%−8.4%
August 15, 2013August 15, 2013 PH Sale $71,715 +5.3%−8.7%−9.5%
May 23, 2013May 21, 2013 PH Sale $881,486 +4.0%+10.9%+7.9%
March 12, 2013March 8, 2013 PH Sale $640,288 −3.8%+1.4%+4.5%
January 28, 2013January 24, 2013 PH Sale $470,150 −12.0%+3.1%+2.0%
January 24, 2013January 22, 2013 PH Sale $460,000 −11.3%+2.5%+7.5%
September 11, 2012September 10, 2012 PH Sale $851,326 +0.1%+6.5%+6.9%
February 15, 2011February 14, 2011 PH Sale $440,823 −5.0%−4.1%−5.3%
February 8, 2011February 8, 2011 PH Sale $284,081 −5.7%−6.2%−6.9%
April 22, 2010April 21, 2010 PH Sale $220,947 −3.1%+26.1%+23.2%

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