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Chung Tai Keung: insider trades

Chief executive, Officer at TTM Technologies Inc. No open-market purchases and 16 sales not made under a pre-set plan, reported from November 29, 2010 to August 3, 2021.

What happened after Chung Tai Keung’s sales?

After their sales, the shares moved −8.2% against the index over 12 months on average (a negative figure means selling was the right call); 69% 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 16 −1.5% −5.6% 56% 10 0.32 0.76 No reliable evidence
Sales, 12 months after the report 16 −8.2% −15.4% 69% 10 −1.55 0.16 No reliable evidence
Sales, 12 months after the trade 16 −4.9% −11.4% 69% 10 −0.62 0.55 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
TTM Technologies Inc TTMI See Remarks016November 29, 2010August 3, 2021

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 3, 2021August 2, 2021 TTMI Sale $251,676 −6.3%+22.2%+2.1%
May 21, 2021May 21, 2021 TTMI Sale $98,044 −14.1%−3.8%−3.3%
August 28, 2020August 26, 2020 TTMI Sale $491,283 +9.9%−9.0%−11.1%
August 21, 2019August 19, 2019 TTMI Sale $315,697 +14.7%−12.9%−4.3%
August 7, 2018August 6, 2018 TTMI Sale $441,220 −31.2%−48.5%−46.4%
March 2, 2018February 28, 2018 TTMI Sale $1,700,978 +12.0%−30.3%−27.5%
May 10, 2017May 8, 2017 TTMI Sale $1,483,200 −21.6%−17.8%−12.7%
February 14, 2017February 13, 2017 TTMI Sale $213,393 −9.1%−28.6%−29.6%
August 3, 2016August 1, 2016 TTMI Sale $732,200 +32.5%+14.9%+55.8%
November 4, 2015November 2, 2015 TTMI Sale $1,147,500 −6.7%+63.7%+70.4%
May 28, 2015May 26, 2015 TTMI Sale $973,990 −25.5%−24.4%−25.5%
February 11, 2015February 9, 2015 TTMI Sale $955,597 +7.0%−18.4%−11.8%
November 17, 2014November 13, 2014 TTMI Sale $951,967 +26.3%+7.5%+13.7%
May 29, 2014May 27, 2014 TTMI Sale $917,694 −4.8%+22.3%+16.4%
May 20, 2011May 18, 2011 TTMI Sale $3,332,000 −24.0%−42.1%−41.2%
November 29, 2010November 24, 2010 TTMI Sale $2,338,399 +17.4%−25.2%−22.7%

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