A review of companies’ financial filings at the SEC has revealed a spike in dealing by top executives at US corporations during March.
Exceptional numbers of Form 4 – the form on which company insiders, directors and officers must file their stock trades – were filed.
Some outstanding numbers include pharmaceutical company Pfizer, with 19 filed during March, coatings manufacturer PPG Industries (21), Zoom, the video conference firm (20), while the highest number observed was at aerospace giant Boeing, with 26.
Form 4s are filed for any kind of stock transaction, acquisitions or sales, so this quantity of filings does not necessarily imply a massive sell-off by insiders prior to the market crash.
Indeed, many of the filings are standard trades, such as the shares withheld for tax on previously exercised SARs (stock appreciation rights) for some officers at Pfizer, and the purchase of stock units by Randall Stephenson, CEO at telecom giant AT…