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Lazopoulos Emanuel: insider trades

Officer at DEL Monte Corp. No open-market purchases and 32 sales not made under a pre-set plan, reported from November 8, 2010 to August 10, 2018.

What happened after Lazopoulos Emanuel’s sales?

After their sales, the shares moved −5.7% 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 32 −0.3% −0.6% 50% 8 −0.25 0.81 No reliable evidence
Sales, 12 months after the report 32 −5.7% −17.3% 63% 8 −0.76 0.47 No reliable evidence
Sales, 12 months after the trade 32 −5.0% −16.3% 63% 8 −0.71 0.50 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
DEL Monte Corp DMC SVP, North America Sales032November 8, 2010August 10, 2018

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
August 10, 2018August 9, 2018 DMC Sale $120,985 −15.3%−33.2%−30.9%
August 8, 2018August 6, 2018 DMC Sale $28,072 −15.0%−30.9%−26.7%
August 7, 2018August 3, 2018 DMC Sale $80,050 −10.8%−29.0%−25.9%
August 2, 2018July 31, 2018 DMC Sale $92,948 −7.1%−25.9%−24.1%
August 14, 2017August 11, 2017 DMC Sale $152,981 −11.2%−37.4%−38.2%
August 10, 2017August 9, 2017 DMC Sale $332,318 −10.4%−38.2%−35.3%
August 8, 2017August 4, 2017 DMC Sale $36,880 −10.3%−35.3%−40.2%
August 3, 2017August 1, 2017 DMC Sale $115,620 −15.0%−40.2%−37.3%
August 16, 2016August 12, 2016 DMC Sale $356,585 +6.4%−34.4%−32.3%
August 11, 2016August 9, 2016 DMC Sale $604,400 +2.1%−32.3%−35.3%
August 8, 2016August 4, 2016 DMC Sale $31,744 +6.0%−35.3%−32.6%
August 4, 2016August 2, 2016 DMC Sale $46,225 +7.4%−33.9%−29.9%
August 3, 2016August 1, 2016 DMC Sale $45,587 +10.3%−32.6%−30.3%
November 23, 2015November 19, 2015 DMC Sale $236,262 −3.3%+43.0%+43.2%
August 19, 2015August 17, 2015 DMC Sale $173,605 +9.8%+41.8%+48.1%
August 7, 2015August 5, 2015 DMC Sale $765,038 +18.6%+54.6%+50.6%
August 4, 2015July 31, 2015 DMC Sale $98,485 +15.2%+50.6%+39.0%
February 25, 2015February 23, 2015 DMC Sale $174,600 +6.7%+20.0%+18.5%
February 24, 2015February 20, 2015 DMC Sale $110,516 +7.7%+19.2%+24.6%
January 9, 2015January 8, 2015 DMC Sale $444,080 +19.0%+24.3%+21.4%
December 5, 2014December 3, 2014 DMC Sale $173,700 +1.1%+25.1%+25.8%
November 12, 2014November 7, 2014 DMC Sale $194,400 −4.8%+30.2%+28.6%
September 10, 2014September 8, 2014 DMC Sale $262,800 −2.6%+20.9%+21.7%
August 6, 2014August 4, 2014 DMC Sale $36,361 +2.1%+14.2%+21.8%
March 22, 2013March 20, 2013 DMC Sale $138,650 +0.1%−20.0%−20.3%
March 15, 2013March 13, 2013 DMC Sale $680,600 −4.5%−18.9%−18.1%
January 31, 2013January 29, 2013 DMC Sale $122,282 −12.3%−20.1%−21.1%
July 11, 2011July 7, 2011 DMC Sale $546,033 +0.1%−15.6%−14.6%
May 19, 2011May 17, 2011 DMC Sale $135,500 −1.4%−10.7%−7.0%
May 16, 2011May 12, 2011 DMC Sale $135,950 −5.1%−7.0%−7.7%
May 12, 2011May 10, 2011 DMC Sale $270,000 −2.6%−6.5%−8.3%
November 8, 2010November 4, 2010 DMC Sale $176,400 +9.3%+11.8%+11.7%

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