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Delgado Joaquin: insider trades

Officer at 3M. No open-market purchases and 17 sales not made under a pre-set plan, reported from February 12, 2010 to May 20, 2019.

What happened after Delgado Joaquin’s sales?

After their sales, the shares moved −6.5% against the index over 12 months on average (a negative figure means selling was the right call); 59% 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 −0.5% −0.2% 53% 8 0.11 0.91 No reliable evidence
Sales, 12 months after the report 17 −6.5% −6.8% 59% 8 −0.75 0.48 No reliable evidence
Sales, 12 months after the trade 17 −7.2% −9.2% 59% 8 −0.93 0.38 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
3M MMM Executive Vice President017February 12, 2010May 20, 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
May 20, 2019May 17, 2019 MMM Sale $916,272 −3.8%−13.1%−13.9%
February 19, 2019February 15, 2019 MMM Sale $1,015,162 −23.1%−44.6%−44.9%
November 3, 2017November 1, 2017 MMM Sale $2,166,950 −2.2%−21.3%−22.6%
November 3, 2017November 1, 2017 MMM Sale $1,952,199 −2.2%−21.3%−22.6%
November 3, 2017November 1, 2017 MMM Sale $1,800,494 −2.2%−21.3%−22.6%
November 3, 2017November 1, 2017 MMM Sale $276,546 −2.2%−21.3%−22.6%
February 15, 2017February 14, 2017 MMM Sale $2,107,572 +5.8%+13.4%+13.2%
February 15, 2017February 14, 2017 MMM Sale $207,406 +5.8%+13.4%+13.2%
May 5, 2016May 4, 2016 MMM Sale $3,001,847 −0.2%+1.8%+3.6%
November 3, 2015October 30, 2015 MMM Sale $1,799,764 +7.3%+6.4%+3.6%
November 4, 2013November 1, 2013 MMM Sale $1,864,689 +1.5%+9.4%+7.9%
May 1, 2013April 30, 2013 MMM Sale $2,551,551 +4.9%+15.1%+15.6%
April 30, 2012April 27, 2012 MMM Sale $863,744 +4.2%+6.3%+4.8%
May 5, 2011May 4, 2011 MMM Sale $1,076,044 −2.9%−9.8%−10.0%
May 5, 2011May 4, 2011 MMM Sale $518,606 −2.9%−9.8%−10.0%
February 16, 2011February 15, 2011 MMM Sale $1,313,518 +2.0%−6.8%−5.6%
February 12, 2010February 11, 2010 MMM Sale $496,719 +1.7%−6.8%−9.2%

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