B&N Retail CEO Klipper Just Sold Off Most of His B&N Stock

7259367826_8d0f3319c4[1]A new SEC filing reveals that not all of B&N's senior management have faith in B&N's long term prospects.Mitchell Klipper, the CEO of  Barnes & Noble’s retail division, has sold off a large portion of his stock in the company in the past few days.

Between Thursday of last week and Monday of this week he sold about 400,000 shares from his personal stock portfolio, leaving him with only around 196,136 shares (as well as a couple thousand shares owned via his 401k). The stock he sold represented about 2/3 of his total stock in the company and was worth around 5 and a half million dollars.

This sale comes only a week after B&N reported revenues were down in the second quarter of the 2013 fiscal year, and I doubt that it was a coincidence. I would suggest that this is a sign that at least one of B&N's senior management  thinks that now would be a good time to sell off B&N stock.

B&N's stock is trading at under $14 at the moment, which is a 6 month low. A couple weeks back it was trading at around $17 a share, and in the past year it has traded for as high as $23.71 a share (in April).

That peak may have been due to Riggio's efforts to buy up stock in order to force through his plan to split the company and take the retail stores private. Those plans were canceled last week.

image by daysofthundr46

 

 

About Nate Hoffelder (11594 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader:"I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

6 Comments on B&N Retail CEO Klipper Just Sold Off Most of His B&N Stock

  1. From 10 million to 5 million in four months . If I saw that kind of drop, I would sell the stock real fast , just in case it dropped to 2 million in the next couple months .

    • The best time for an insider to safely sell stock is right after bad news.
      And, given B&N’s track record the past two holiday seasons it is safest to do before any holiday product announcements that might temporarily boost the stock price.

  2. BN executives have been barred from selling any stock, even fully vested options, since the company began its strategic review back in December. Kippler also has a history of clearing his investments yearly – he sold his entire positions every year between 2003 and 2007, and continues to sell portions every year after that.

    So you have a guy who likes to cash his stock for money consistently who was barred from selling his stock. So what does he do as soon as the embargo is lifted? He sells his stock.

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