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Gardner Donald T. III: insider trades

Chief financial officer at Kewaunee Scientific Corp. No open-market purchases and 10 sales not made under a pre-set plan, reported from March 16, 2023 to January 7, 2026.

What happened after Gardner Donald T. III’s sales?

After their sales, the shares moved +1.9% against the index over 12 months on average (a negative figure means selling was the right call); 67% 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 10 −0.2% −7.4% 70% 4 −0.82 0.47 No reliable evidence
Sales, 12 months after the report 9 +1.9% −32.2% 67% 3 — — Not enough years
Sales, 12 months after the trade 9 −0.3% −35.9% 67% 3 — — Not enough years

“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
Kewaunee Scientific Corp KEQU Chief Financial Officer010March 16, 2023January 7, 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
January 7, 2026January 6, 2026 KEQU Sale $75,140 −4.8%not yetnot yet
October 10, 2025October 9, 2025 KEQU Sale $128,280 −15.1%−37.2%−42.1%
July 28, 2025July 24, 2025 KEQU Sale $175,779 −32.7%−55.2%−55.9%
April 11, 2025April 9, 2025 KEQU Sale $148,428 +65.4%−22.8%−35.9%
March 28, 2025March 26, 2025 KEQU Sale $120,040 +40.1%−32.2%−27.0%
January 13, 2025January 10, 2025 KEQU Sale $74,490 −31.6%−52.3%−56.5%
December 26, 2024December 24, 2024 KEQU Sale $119,237 −34.5%−57.3%−54.1%
December 14, 2023December 13, 2023 KEQU Sale $45,620 +26.3%+100.7%+106.5%
March 31, 2023March 30, 2023 KEQU Sale $16,567 −6.7%+110.0%+99.1%
March 16, 2023March 14, 2023 KEQU Sale $14,996 −8.1%+63.2%+63.1%

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 Gardner Donald T. III traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.