Timing is everything.
3M boss George Buckley told the Securities and Exchange Commission in a filing that he plans to sell a third of his shares in his company by the end of the year.
The filing said Buckley could sell up to 376,037 shares, worth about $32.4 million based on the stock’s Wednesday closing price of $86.18 a share, the Star Tribune reported this morning.
In the egg Wall Street laid today, 3M’s stock dropped almost 5% in value, to $82.23 a share. Buckley’s value of the shares he intends to sell dropped $1.5 million. It lost $364,000 in the last 20 minutes of trading.
He’ll probably be OK, anyway.
About the blogger
Bob Collins has been with Minnesota Public Radio since 1992, emigrating to Minnesota from Massachusetts. He was senior editor of news in the ’90s, ran MPR’s political unit, created the MPR News regional website, invented the popular Select A Candidate, started the two most popular blogs in the history of MPR and every day laments that his Minnesota Fantasy Legislature project never caught on.
NewsCut is a blog featuring observations about the news. It provides a forum for an online discussion and debate about events that might not typically make the front page. NewsCut posts are not news stories but reflections , observations, and debate.