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Sear Steven M: insider trades

Officer at Delta Air Lines. No open-market purchases and 15 sales not made under a pre-set plan, reported from August 31, 2016 to August 6, 2026.

What happened after Sear Steven M’s sales?

After their sales, the shares moved −11.3% 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 14 +0.5% +0.9% 43% 11 0.27 0.79 No reliable evidence
Sales, 12 months after the report 12 −11.3% −10.8% 75% 10 −1.27 0.23 No reliable evidence
Sales, 12 months after the trade 12 −12.1% −13.1% 67% 10 −1.40 0.20 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
Delta Air Lines DAL EVP - Global Sales & Distrib015August 31, 2016August 6, 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
August 6, 2026August 5, 2026 DAL Sale $3,785,033 not yetnot yetnot yet
February 10, 2026February 9, 2026 DAL Sale $2,896,930 −7.8%not yetnot yet
January 16, 2026January 14, 2026 DAL Sale $2,180,600 +0.2%not yetnot yet
July 16, 2025July 15, 2025 DAL Sale $1,007,280 +3.7%+32.8%+35.9%
November 4, 2024November 1, 2024 DAL Sale $603,583 +12.4%−15.5%−18.6%
April 25, 2024April 24, 2024 DAL Sale $757,107 −20.9%−26.2%−21.9%
August 10, 2023August 9, 2023 DAL Sale $552,112 −21.7%−33.0%−33.0%
June 1, 2022May 27, 2022 DAL Sale $532,287 −17.6%−11.3%−16.3%
February 26, 2021February 25, 2021 DAL Sale $622,310 −9.0%−30.5%−29.9%
August 17, 2020August 14, 2020 DAL Sale $409,400 +30.0%+8.3%+3.3%
May 30, 2019May 29, 2019 DAL Sale $479,057 +6.3%−61.4%−61.9%
May 31, 2018May 30, 2018 DAL Sale $556,924 +1.5%−2.1%−5.6%
December 19, 2017December 18, 2017 DAL Sale $604,387 −0.6%−1.7%0.0%
October 13, 2017October 12, 2017 DAL Sale $365,663 +2.0%−10.3%−9.9%
August 31, 2016August 30, 2016 DAL Sale $173,631 +28.8%+15.2%+13.3%

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