Introduction

This page provides a comprehensive analysis of the known insider trading history of Charles D Johnston. 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

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

See the list of most profitable insider traders.

See Highest Ranking Insiders
Companies with Reported Insider Positions

The SEC filings indicate Charles D Johnston has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:PZN / Pzena Investment Management Inc - Class A Director 0
US:MS / Morgan Stanley Head of Morgan Stanley SB 86,933
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Charles D Johnston. 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 Trading History

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

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2022-11-02 2022-10-31 4 PZN Pzena Investment Management, Inc.
Class A Common stock, par value $0.01 		U - Other -69,530 0 -100.00 9.60 -667,488
2022-01-04 2022-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		M - Exercise -28,460 63,403 -30.98
2022-01-04 2022-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 10,559 91,863 12.99 9.47 99,994 869,943
2022-01-04 2022-01-01 4 PZN Pzena Investment Management, Inc.
Class A Common stock, par value $0.01 		M - Exercise 28,460 69,530 69.30
2021-01-05 2021-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		M - Exercise -11,070 78,549 -12.35
2021-01-05 2021-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 13,698 89,619 18.04 7.30 99,995 654,219
2021-01-05 2021-01-01 4 PZN Pzena Investment Management, Inc.
Class A Common stock, par value $0.01 		M - Exercise 11,070 41,070 36.90
2020-10-22 2020-10-21 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 9,433 75,564 14.26 5.30 49,995 400,489
2020-04-07 2020-04-06 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		D - Sale to Issuer -11,600 65,309 -15.08
2020-01-03 2020-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 11,600 72,611 19.01 8.62 99,992 625,907
2019-01-03 2019-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 10,404 57,539 22.07 8.65 89,995 497,712
2018-01-03 2018-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 8,434 44,974 23.08 10.67 89,991 479,873
2017-05-26 2017-05-23 4 PZN Pzena Investment Management, Inc.
Class A common stock, par value $0.01 		P - Purchase 10,000 30,000 50.00 8.43 84,300 252,900
2017-01-04 2017-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 8,100 35,192 29.90 11.11 89,991 390,983
2016-01-05 2016-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 10,465 25,531 69.46 8.60 89,999 219,567
2015-01-05 2015-01-01 4 PZN Pzena Investment Management, Inc.
Phantom Class A common stock 		A - Award 7,928 14,387 122.74 9.46 74,999 136,101
2014-12-22 2014-12-22 4 PZN Pzena Investment Management, Inc.
Class A common stock, par value $0.01 		P - Purchase 10,000 20,000 100.00 9.20 92,000 184,000
2014-06-30 2014-06-27 4 PZN Pzena Investment Management, Inc.
Class A common stock, par value $0.01 		P - Purchase 10,000 10,000 10.99 109,900 109,900
2014-02-11 3 PZN Pzena Investment Management, Inc.
Class A common stock, par value $0.01 		0
2010-01-08 3 MS MORGAN STANLEY
Common Stock 		86,933
2010-01-08 3 MS MORGAN STANLEY
Common Stock 		95
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)