Erie Indemnity Company
US ˙ NasdaqGS ˙ US29530P1021

Introduction

This page provides a comprehensive analysis of the known insider trading history of Lucian L Morrison. 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 Lucian L Morrison has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:ERIE / Erie Indemnity Company Director 7,162
US:FEEC / Director 200,000
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Lucian L Morrison. 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 ERIE / Erie Indemnity Company - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in ERIE / Erie Indemnity Company. 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 (%)
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.

ERIE / Erie Indemnity Company Insider Trades
Insider Sales ERIE / Erie Indemnity Company - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in ERIE / Erie Indemnity Company. 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.

ERIE / Erie Indemnity Company Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Lucian L Morrison 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
2014-02-04 2014-02-03 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 163 7,162 2.33 70.17 11,434 502,575
2014-01-24 2014-01-23 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 64 6,999 0.93 71.62 4,611 501,290
2013-11-04 2013-11-01 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 179 6,935 2.64 71.82 12,825 498,066
2013-10-22 2013-10-21 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 59 6,756 0.88 72.26 4,267 488,213
2013-08-01 2013-08-01 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 147 6,697 2.25 80.37 11,841 538,261
2013-07-23 2013-07-22 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 51 6,550 0.78 82.40 4,200 539,717
2013-04-23 2013-04-22 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 50 6,499 0.78 76.02 3,821 494,054
2013-04-17 2013-04-17 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 149 6,449 2.37 77.18 11,525 497,713
2013-02-04 2013-02-01 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 149 6,299 2.43 71.34 10,653 449,400
2013-02-04 2013-01-31 4 FEEC FAR EAST ENERGY CORP
Employee Stock Option (right to buy) 		A - Award 200,000 200,000
2013-02-04 2013-01-31 4 FEEC FAR EAST ENERGY CORP
Common Stock 		A - Award 100,000 413,585 31.89
2012-12-26 2012-12-24 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 239 6,150 4.05 67.29 16,098 413,839
2012-11-02 2012-11-01 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 149 5,911 2.59 62.22 9,291 367,773
2012-10-23 2012-10-22 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 54 5,762 0.94 63.09 3,401 363,495
2012-08-01 2012-08-01 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 149 5,708 2.69 71.29 10,645 406,897
2012-07-24 2012-07-23 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 47 5,558 0.86 71.48 3,375 397,307
2012-04-24 2012-04-23 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 40 5,511 0.73 75.40 3,023 415,536
2012-04-18 2012-04-17 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 152 5,471 2.87 75.94 11,573 415,468
2012-02-02 2012-02-01 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 152 5,319 2.95 76.67 11,684 407,777
2012-01-26 2012-01-24 4 FEEC FAR EAST ENERGY CORP
Common Stock 		A - Award 150,000 313,585 91.70
2012-01-25 2012-01-23 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 40 5,166 0.77 75.73 3,001 391,237
2009-01-22 2009-01-21 4 ERIE ERIE INDEMNITY CO
Directors' Deferred Compensation Phantom Units 		J - Other 29 1,967 1.48 36.13 1,040 71,068
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)