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Zay Richard H.: insider trades

Officer at Tennant Co. No open-market purchases and 15 sales not made under a pre-set plan, reported from November 22, 2013 to May 11, 2026.

What happened after Zay Richard H.’s sales?

After their sales, the shares moved −13.2% against the index over 12 months on average (a negative figure means selling was the right call); 86% 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 15 −4.3% −0.8% 53% 11 −1.61 0.14 No reliable evidence
Sales, 12 months after the report 14 −13.2% −7.7% 86% 10 −2.22 0.053 No reliable evidence
Sales, 12 months after the trade 14 −13.5% −8.4% 79% 10 −2.36 0.043 Some evidence: seller right

“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
Tennant Co TNC CHIEF COMMERCIAL OFFICER015November 22, 2013May 11, 2026

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 11, 2026May 7, 2026 TNC Sale $605,138 −20.4%not yetnot yet
August 21, 2025August 19, 2025 TNC Sale $336,335 −18.4%−35.0%−37.8%
February 25, 2025February 24, 2025 TNC Sale $617,702 −13.4%−44.3%−44.5%
February 29, 2024February 27, 2024 TNC Sale $1,624,531 −10.3%−39.3%−42.1%
August 14, 2023August 10, 2023 TNC Sale $476,907 +0.7%−12.2%−13.7%
May 5, 2023May 3, 2023 TNC Sale $295,512 +2.2%+12.6%+10.6%
August 18, 2022August 16, 2022 TNC Sale $176,967 −0.8%+12.8%+12.6%
August 24, 2021August 20, 2021 TNC Sale $264,776 +12.4%−2.6%−1.9%
August 19, 2021August 18, 2021 TNC Sale $116,706 +8.5%−1.9%+1.0%
May 11, 2021May 10, 2021 TNC Sale $321,139 −18.0%−23.1%−20.4%
November 10, 2020November 9, 2020 TNC Sale $942,784 +6.3%−1.6%−8.0%
November 13, 2019November 11, 2019 TNC Sale $565,535 +2.1%−32.8%−27.0%
June 5, 2017June 2, 2017 TNC Sale $93,440 −16.8%−2.4%−4.4%
May 22, 2014May 21, 2014 TNC Sale $113,400 +7.7%−10.5%−8.7%
November 22, 2013November 21, 2013 TNC Sale $637,509 −6.9%−5.0%−5.2%

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