NEW YORK (CNNMoney) — Stocks may have put up their best performance in years last month, and it looks like company insiders decided to cash in.
Insider selling accelerated in October to the most aggressive pace since February. That follows the S&P 500’s gain of 11% — its best monthly performance in almost 20 years.
In fact, there were almost $19 worth of insider stock sales in October for every $1 of insider buys, according to market research firm TrimTabs.
That was way up from near record low levels of insider selling — between $2 and $4 of sales for every $1 of insider buying — in August and September.
During the last week in October, insider trading was concentrated in consumer discretionary and technology sectors, according to Ben Silverman at InsiderScore, which tracks transactions by corporate officers and directors, which were among the market’s stronger performers.