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Cohodes Jeffrey D.: insider trades

Officer at Northern Trust. No open-market purchases and 12 sales not made under a pre-set plan, reported from July 22, 2013 to May 8, 2018.

What happened after Cohodes Jeffrey D.’s sales?

After their sales, the shares moved −5.3% against the index over 12 months on average (a negative figure means selling was the right call); 75% 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 +1.4% +2.0% 33% 6 0.12 0.91 No reliable evidence
Sales, 12 months after the report 12 −5.3% −6.8% 75% 6 −0.80 0.46 No reliable evidence
Sales, 12 months after the trade 12 −4.8% −6.7% 75% 6 −0.77 0.47 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
Northern Trust NTRS Executive Vice President012July 22, 2013May 8, 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
May 8, 2018May 7, 2018 NTRS Sale $1,575,042 −1.1%−15.1%−15.8%
February 20, 2018February 16, 2018 NTRS Sale $726,152 +1.9%−15.7%−13.0%
February 12, 2018February 12, 2018 NTRS Sale $1,183,198 +6.7%−11.4%−11.2%
January 30, 2018January 26, 2018 NTRS Sale $3,255,251 +5.9%−12.0%−7.6%
April 28, 2017April 27, 2017 NTRS Sale $1,375,050 −6.4%+6.4%+5.7%
January 20, 2017January 20, 2017 NTRS Sale $1,255,800 +3.3%+3.9%+4.1%
November 16, 2016November 15, 2016 NTRS Sale $812,300 −0.1%−2.6%−5.4%
November 10, 2016November 10, 2016 NTRS Sale $1,168,500 +1.5%−3.9%−1.4%
February 25, 2015February 24, 2015 NTRS Sale $214,800 +7.3%−6.7%−8.9%
February 9, 2015February 6, 2015 NTRS Sale $346,000 +5.3%−8.4%−7.5%
November 10, 2014November 10, 2014 NTRS Sale $444,192 +2.1%+9.3%+9.2%
July 22, 2013July 19, 2013 NTRS Sale $885,150 −9.3%−6.9%−5.8%

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 Cohodes Jeffrey D. traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.