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Harrison Robert M: insider trades

Officer at Target Corporation. No open-market purchases and 13 sales not made under a pre-set plan, reported from January 15, 2016 to March 17, 2022.

What happened after Harrison Robert M’s sales?

After their sales, the shares moved +9.8% against the index over 12 months on average (a negative figure means selling was the right call); 39% 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 13 +2.0% +6.2% 39% 7 0.15 0.88 No reliable evidence
Sales, 12 months after the report 13 +9.8% +10.7% 39% 7 0.62 0.56 No reliable evidence
Sales, 12 months after the trade 13 +8.8% +15.2% 46% 7 0.55 0.60 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
Target Corporation TGT Chief Accounting Officer013January 15, 2016March 17, 2022

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
March 17, 2022March 16, 2022 TGT Sale $453,170 −20.8%−17.6%−15.7%
April 8, 2021April 8, 2021 TGT Sale $479,094 +15.3%+2.2%−3.1%
March 26, 2021March 25, 2021 TGT Sale $439,171 +13.8%−4.4%−2.9%
November 23, 2020November 19, 2020 TGT Sale $206,790 −1.7%+10.7%+15.4%
May 26, 2020May 21, 2020 TGT Sale $298,350 +17.0%+56.2%+49.7%
March 17, 2020March 17, 2020 TGT Sale $64,362 −15.0%+11.7%+15.2%
March 11, 2020March 11, 2020 TGT Sale $49,959 +6.2%+36.1%+26.8%
August 26, 2019August 22, 2019 TGT Sale $1,417,096 +10.5%+25.5%+29.2%
April 11, 2019April 11, 2019 TGT Sale $143,781 +4.3%+38.3%+36.2%
January 22, 2018January 18, 2018 TGT Sale $656,664 −2.2%−1.4%−3.5%
July 7, 2017July 5, 2017 TGT Sale $137,360 +9.6%+44.9%+37.9%
March 16, 2016March 16, 2016 TGT Sale $66,968 −21.1%−51.2%−51.3%
January 15, 2016January 13, 2016 TGT Sale $28,689 +10.1%−23.4%−19.8%

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