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Wood William C JR.: insider trades

Officer at Carmax Inc. No open-market purchases and 12 sales not made under a pre-set plan, reported from September 29, 2010 to June 28, 2018.

What happened after Wood William C JR.’s sales?

After their sales, the shares moved −3.3% 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 12 −3.3% −3.4% 75% 9 −1.03 0.33 No reliable evidence
Sales, 12 months after the report 12 −3.3% −5.7% 58% 9 −0.63 0.54 No reliable evidence
Sales, 12 months after the trade 12 −2.5% −5.2% 58% 9 −0.46 0.66 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
Carmax Inc KMX EVP & COO012September 29, 2010June 28, 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
June 28, 2018June 27, 2018 KMX Sale $3,851,588 −5.2%+8.9%+5.9%
April 19, 2018April 17, 2018 KMX Sale $3,132,479 +20.8%+14.5%+13.7%
September 28, 2017September 26, 2017 KMX Sale $14,837,126 −22.2%−21.0%−17.1%
February 1, 2017January 31, 2017 KMX Sale $410,887 −15.0%−17.5%−19.3%
August 16, 2016August 12, 2016 KMX Sale $2,259,044 −4.8%−4.8%−6.1%
April 15, 2015April 13, 2015 KMX Sale $11,218,774 −5.3%−26.0%−29.9%
December 23, 2014December 23, 2014 KMX Sale $4,400,462 −0.8%−22.3%−22.1%
June 26, 2014June 24, 2014 KMX Sale $2,490,248 −10.0%+20.9%+25.8%
December 27, 2013December 26, 2013 KMX Sale $4,181,760 −2.0%+27.6%+26.8%
December 26, 2012December 24, 2012 KMX Sale $2,648,628 −0.3%−6.6%−4.2%
December 28, 2011December 23, 2011 KMX Sale $1,200,800 +0.3%+4.0%+8.6%
September 29, 2010September 28, 2010 KMX Sale $1,357,000 +5.0%−17.6%−11.6%

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 Wood William C JR. traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.