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Rich Brian F: insider trades

Officer at CMS Energy. No open-market purchases and 11 sales not made under a pre-set plan, reported from August 23, 2016 to August 1, 2024.

What happened after Rich Brian F’s sales?

After their sales, the shares moved −4.7% against the index over 12 months on average (a negative figure means selling was the right call); 55% 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 11 −3.4% −6.4% 73% 8 −1.53 0.17 No reliable evidence
Sales, 12 months after the report 11 −4.7% −5.5% 55% 8 −0.96 0.37 No reliable evidence
Sales, 12 months after the trade 11 −4.2% −1.9% 55% 8 −0.86 0.42 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
CMS Energy CMS Senior Vice President011August 23, 2016August 1, 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
August 1, 2024August 1, 2024 CMS Sale $264,000 −1.8%−5.5%−1.9%
May 2, 2024May 2, 2024 CMS Sale $122,200 +4.9%+12.8%+11.5%
November 9, 2023November 8, 2023 CMS Sale $274,500 −10.7%−11.7%−14.2%
March 17, 2023March 16, 2023 CMS Sale $246,880 −13.5%−36.2%−34.4%
November 18, 2021November 17, 2021 CMS Sale $211,120 +11.7%+16.1%+13.4%
August 12, 2021August 11, 2021 CMS Sale $220,990 −9.0%+16.0%+15.8%
May 12, 2020May 12, 2020 CMS Sale $417,300 −6.4%−27.6%−27.3%
August 13, 2019August 13, 2019 CMS Sale $238,800 −9.0%−16.3%−12.8%
October 31, 2018October 30, 2018 CMS Sale $198,760 +7.4%+15.7%+17.2%
August 24, 2017August 22, 2017 CMS Sale $168,910 −4.3%−16.7%−13.9%
August 23, 2016August 22, 2016 CMS Sale $92,168 −6.5%+1.9%+0.6%

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