Freitag Randal J: insider trades

Chief financial officer at Lincoln National Corp. No open-market purchases and 13 sales not made under a pre-set plan, reported from December 12, 2013 to November 9, 2021.

What happened after Freitag Randal J’s sales?

After their sales, the shares moved −11.8% against the index over 12 months on average (a negative figure means selling was the right call); 62% 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

Freitag Randal J: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
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	13	−5.1%	−6.5%	69%	7	−1.04	0.34	No reliable evidence
Sales, 12 months after the report	13	−11.8%	−5.7%	62%	7	−2.69	0.036	Some evidence: seller right
Sales, 12 months after the trade	13	−12.4%	−9.9%	69%	7	−2.15	0.075	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

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Lincoln National Corp LNC	EVP & CFO	0	13	December 12, 2013	November 9, 2021

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
November 9, 2021	November 8, 2021	LNC	Sale	$4,487,462	+6.7%	−36.8%	−34.0%
February 26, 2021	February 24, 2021	LNC	Sale	$3,115,177	+12.6%	+5.4%	+8.0%
February 23, 2018	February 22, 2018	LNC	Sale	$147,150	−10.1%	−20.3%	−21.3%
February 6, 2018	February 2, 2018	LNC	Sale	$2,669,318	−14.6%	−27.1%	−28.7%
February 24, 2017	February 23, 2017	LNC	Sale	$163,413	−10.3%	−5.7%	−7.8%
February 15, 2017	February 13, 2017	LNC	Sale	$310,789	−12.0%	−10.0%	−10.1%
November 14, 2016	November 10, 2016	LNC	Sale	$945,028	+8.7%	+0.6%	+5.3%
November 10, 2015	November 6, 2015	LNC	Sale	$459,544	−31.4%	+2.0%	−9.9%
February 27, 2015	February 25, 2015	LNC	Sale	$539,236	−3.1%	−28.1%	−30.8%
February 24, 2015	February 24, 2015	LNC	Sale	$174,690	−1.4%	−30.8%	−31.4%
August 5, 2014	August 1, 2014	LNC	Sale	$481,236	+2.2%	+0.9%	+0.2%
February 25, 2014	February 25, 2014	LNC	Sale	$150,300	−7.3%	+1.9%	+1.0%
December 12, 2013	December 11, 2013	LNC	Sale	$164,891	−6.5%	−5.2%	−2.1%

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