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Douglas Craig A: insider trades

Officer at Stanley Black & Decker. No open-market purchases and 19 sales not made under a pre-set plan, reported from September 14, 2010 to March 7, 2017.

What happened after Douglas Craig A’s sales?

After their sales, the shares moved −2.9% against the index over 12 months on average (a negative figure means selling was the right call); 58% 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 19 −2.1% −2.9% 63% 8 −1.10 0.31 No reliable evidence
Sales, 12 months after the report 19 −2.9% −2.9% 58% 8 −0.24 0.82 No reliable evidence
Sales, 12 months after the trade 19 −3.1% −2.2% 58% 8 −0.32 0.75 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
Stanley Black & Decker SWK V.P. and Treasurer019September 14, 2010March 7, 2017

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
March 7, 2017March 6, 2017 SWK Sale $909,575 +4.3%+6.3%+3.9%
March 2, 2017March 1, 2017 SWK Sale $308,088 +5.9%+4.0%+6.0%
November 14, 2016November 11, 2016 SWK Sale $439,390 −4.6%+15.8%+11.0%
August 5, 2016August 4, 2016 SWK Sale $1,045,876 −2.9%+0.5%+1.7%
May 13, 2016May 12, 2016 SWK Sale $568,650 +2.3%+3.9%+4.8%
November 3, 2015November 2, 2015 SWK Sale $532,050 −2.5%+7.1%+5.6%
May 13, 2015May 12, 2015 SWK Sale $1,035,000 +2.1%+12.6%+11.2%
February 18, 2014February 13, 2014 SWK Sale $352,888 +2.9%+7.7%+7.8%
August 15, 2013August 14, 2013 SWK Sale $87,870 −13.7%−14.7%−13.5%
May 23, 2013May 22, 2013 SWK Sale $227,865 +10.6%−4.5%−7.9%
May 8, 2013May 8, 2013 SWK Sale $351,804 +3.9%−6.1%−6.3%
February 4, 2013January 31, 2013 SWK Sale $529,621 −5.9%−18.2%−18.2%
January 31, 2013January 29, 2013 SWK Sale $189,700 −7.5%−17.3%−16.0%
January 31, 2013January 29, 2013 SWK Sale $151,760 −7.5%−17.3%−16.0%
February 29, 2012February 17, 2012 SWK Sale $129,965 −9.1%−9.8%−9.1%
February 9, 2012February 7, 2012 SWK Sale $371,600 −6.6%−9.8%−9.9%
February 22, 2011February 17, 2011 SWK Sale $523,250 −1.8%−0.1%−0.7%
January 31, 2011January 27, 2011 SWK Sale $181,200 −5.5%−2.9%−2.2%
September 14, 2010September 10, 2010 SWK Sale $148,475 −4.2%−11.4%−11.3%

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