Mark D Bugher - Insider Trading Tracker

Introduction

This page provides a comprehensive analysis of the known insider trading history of Mark D Bugher. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

Companies with Reported Insider Positions

The SEC filings indicate Mark D Bugher has reported holdings or trades in the following companies:

How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Mark D Bugher. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases FBIZ / First Business Financial Services, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in FBIZ / First Business Financial Services, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date	Ticker	Insider	Reported Shares	Reported Price	Adjusted Shares	Adjusted Price	Cost Basis	Days to Max	Price at Max	Max Profit ($)	Max Return (%)
2017-08-08	FBIZ	Bugher Mark D	141	21.3427	141	21.3427	3,009	301	26.4000	713	23.71
2017-05-18	FBIZ	Bugher Mark D	196	23.5781	196	23.5781	4,621
2017-02-02	FBIZ	Bugher Mark D	123	24.7235	123	24.7235	3,041
2016-12-01	FBIZ	Bugher Mark D	274	22.3459	274	22.3459	6,123
2016-05-04	FBIZ	Bugher Mark D	119	25.0000	119	25.0000	2,975
2016-02-16	FBIZ	Bugher Mark D	139	21.4236	139	21.4236	2,978
2015-11-02	FBIZ	Bugher Mark D	119	25.1900	119	25.1900	2,998
2015-07-28	FBIZ	Bugher Mark D	69	42.6900	138	21.3450	2,946
2015-04-29	FBIZ	Bugher Mark D	64	46.5700	128	23.2850	2,980
2015-02-03	FBIZ	Bugher Mark D	70	43.1700	140	21.5850	3,022
2014-11-25	FBIZ	Bugher Mark D	67	44.4300	134	22.2150	2,977
2014-08-07	FBIZ	Bugher Mark D	339	42.9793	678	21.4896	14,570
2014-08-01	FBIZ	Bugher Mark D	68	43.7100	136	21.8550	2,972
2014-05-29	FBIZ	Bugher Mark D	133	45.2250	266	22.6125	6,015
2014-02-06	FBIZ	Bugher Mark D	250	40.1100	500	20.0550	10,028
2013-11-05	FBIZ	Bugher Mark D	85	35.3400	170	17.6700	3,004
2013-07-31	FBIZ	Bugher Mark D	91	32.9500	182	16.4750	2,998
2013-05-01	FBIZ	Bugher Mark D	102	28.9200	204	14.4600	2,950
2013-03-21	FBIZ	Bugher Mark D	203	27.0000	406	13.5000	5,481
2013-03-21	FBIZ	Bugher Mark D	80	27.0000	160	13.5000	2,160
2012-08-08	FBIZ	Bugher Mark D	109	22.8000	218	11.4000	2,485
2012-06-20	FBIZ	Bugher Mark D	661	22.6900	1,322	11.3450	14,998
2012-05-07	FBIZ	Bugher Mark D	109	22.8200	218	11.4100	2,487
2012-01-10	FBIZ	Bugher Mark D	30	16.5100	60	8.2550	496
2011-12-06	FBIZ	Bugher Mark D	29	17.1400	58	8.5700	496
2011-11-08	FBIZ	Bugher Mark D	30	16.5000	60	8.2500	496
2011-10-04	FBIZ	Bugher Mark D	32	15.7090	63	7.8545	496
2011-09-06	FBIZ	Bugher Mark D	31	15.9200	62	7.9600	494

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

Insider Sales FBIZ / First Business Financial Services, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in FBIZ / First Business Financial Services, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date	Ticker	Insider	Reported Shares	Reported Price	Adjusted Shares	Adjusted Price	Cost Basis	Days to Min	Price at Min	Max Loss Avoided ($)	Max Loss Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

Insider Purchases MGEE / MGE Energy, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in FBIZ / First Business Financial Services, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date	Ticker	Insider	Reported Shares	Reported Price	Adjusted Shares	Adjusted Price	Cost Basis	Days to Max	Price at Max	Max Profit ($)	Max Return (%)
2012-08-14	MGEE	Bugher Mark D	300	49.4999	300	49.4999	14,850	338	40.2	-2,789	-18.78

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

Insider Sales MGEE / MGE Energy, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in FBIZ / First Business Financial Services, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date	Ticker	Insider	Reported Shares	Reported Price	Adjusted Shares	Adjusted Price	Cost Basis	Days to Min	Price at Min	Max Loss Avoided ($)	Max Loss Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

Insider Trading History

This table shows the complete list of insider trades made by Mark D Bugher as disclosed to the Securities Exchange Commission (SEC).