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Straub Philip: insider trades

Officer at Garmin. No open-market purchases and 14 sales not made under a pre-set plan, reported from November 7, 2011 to September 4, 2024.

What happened after Straub Philip’s sales?

After their sales, the shares moved −3.0% against the index over 12 months on average (a negative figure means selling was the right call); 64% 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 14 −1.7% +1.3% 50% 10 0.42 0.68 No reliable evidence
Sales, 12 months after the report 14 −3.0% −4.2% 64% 10 −0.10 0.92 No reliable evidence
Sales, 12 months after the trade 14 −3.3% −5.1% 64% 10 −0.16 0.87 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
Garmin GRMN EVP, Man. Director - Aviation014November 7, 2011September 4, 2024

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
September 4, 2024August 30, 2024 GRMN Sale $499,015 +8.9%+14.2%+15.1%
November 8, 2022November 7, 2022 GRMN Sale $17,538 +3.4%+20.7%+21.1%
May 12, 2021May 10, 2021 GRMN Sale $853,677 +11.9%−23.4%−23.0%
August 8, 2018August 6, 2018 GRMN Sale $380,516 +3.4%+20.8%+20.1%
November 21, 2017November 21, 2017 GRMN Sale $151,865 −8.1%+6.0%+3.9%
August 16, 2016August 15, 2016 GRMN Sale $60,010 −3.1%−16.2%−18.5%
December 8, 2015December 4, 2015 GRMN Sale $72,579 +8.4%+33.0%+37.8%
June 1, 2015May 29, 2015 GRMN Sale $195,051 −10.5%−3.8%−5.1%
August 21, 2014August 20, 2014 GRMN Sale $460,000 −0.9%−30.3%−33.5%
March 6, 2014March 5, 2014 GRMN Sale $218,444 +8.4%−17.5%−18.0%
December 26, 2012December 21, 2012 GRMN Sale $422,044 −30.8%−14.2%−12.8%
December 4, 2012December 3, 2012 GRMN Sale $195,100 −20.0%−2.9%−4.2%
August 13, 2012August 9, 2012 GRMN Sale $414,200 −8.1%−24.0%−24.5%
November 7, 2011November 4, 2011 GRMN Sale $88,450 +13.9%−4.6%−5.1%

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