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Dunn Sarah: insider trades

Officer at Tapestry, Inc. No open-market purchases and 12 sales not made under a pre-set plan, reported from September 20, 2010 to February 18, 2022.

What happened after Dunn Sarah’s sales?

After their sales, the shares moved −11.3% against the index over 12 months on average (a negative figure means selling was the right call); 75% 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 12 −4.3% −8.4% 83% 10 −2.51 0.033 Some evidence: seller right
Sales, 12 months after the report 12 −11.3% −16.3% 75% 10 −1.90 0.090 No reliable evidence
Sales, 12 months after the trade 12 −11.6% −16.1% 75% 10 −1.97 0.081 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
Tapestry, Inc. TPR Global Human Resources Officer012September 20, 2010February 18, 2022

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
February 18, 2022February 16, 2022 TPR Sale $1,943,850 −13.1%+17.5%+18.4%
May 18, 2021May 17, 2021 TPR Sale $693,673 −14.3%−23.9%−28.7%
December 2, 2019November 29, 2019 TPR Sale $856,960 −6.2%−2.9%−9.2%
February 9, 2018February 8, 2018 TPR Sale $300,425 −11.1%−33.2%−34.0%
May 25, 2017May 24, 2017 TPR Sale $349,876 −10.6%−16.0%−15.9%
March 4, 2015March 3, 2015 TPR Sale $172,920 −14.9%−1.3%−0.6%
August 27, 2013August 23, 2013 TPR Sale $321,542 −2.3%−52.2%−49.9%
August 30, 2012August 28, 2012 TPR Sale $383,736 −1.1%−25.7%−22.6%
November 14, 2011November 10, 2011 TPR Sale $183,735 +7.6%−24.4%−25.3%
September 15, 2011September 13, 2011 TPR Sale $509,551 −1.3%−16.6%−16.3%
November 30, 2010November 29, 2010 TPR Sale $565,076 −12.4%+6.6%+10.0%
September 20, 2010September 17, 2010 TPR Sale $143,179 +28.3%+36.4%+34.9%

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