B&N Retail CEO Klipper Just Sold Off Most of His B&N Stock
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).
image by daysofthundr46