According to a report from the website WKRB.com, a talk radio station based in Utah, Monsanto Executive Vice President of Human Resources Steven Mizell unloaded over 11,000 shares of his highly controversial company’s stock on Tuesday, October 8, less than a week prior to global protests (this weekend’s March Against Monsanto).
As noted by the report, the stock was sold at an average price of $104.50, bringing the total transaction value to over $1 million that was unloaded by Mizell. The total transaction was recorded at $1,188,165.
Mr. Mizell now owns 28,796 shares of the stock according to the report, which is still valued at $3,009,182. The transaction record was obtained through a legal filing, which can be read in another link from the original WKRB.com article.
Mizell not the only one dumping Monsanto stock
Also according to WKRB.com, another Monsanto VP (VP and Controller is her official title), Nicole Ringenberg, also unloaded shares of Monsanto Stock recently.
On October 7, she sold 3,500 shares at an average price of $105.02, for a total transaction value of $367,570. She now owns about $214,346 worth of stock in the company, according to the report.
The official documents can also be seen by clicking on the link above.
Why the decision to unload Monsanto stock?
While there have been no further reports on why these Monsanto higher-ups have decided to dump so much money in stocks, it could well have something to do with the upcoming March Against Monsanto protests, which are expected to happen globally.
Over 2 million people from 50+ countries attended those protests and helped bring about some of the first mainstream media coverage of the highly-controversial topic of GMOs in many months.
If a similar result or better comes out of this weekend’s protests, stock prices could drop, sooner or later, in the coming months as they did following this past May’s protests.
These higher-ups’ decisions to dump stock are not isolated, either: earlier this summer, CEO Hugh Grant and others dumped hundreds of thousands of dollars worth of stock as well, as this article notes. Hedge funds have been doing the same, suggesting that the company could have a struggle on its hands in the stock market going forward.
Why do you think Mizell and co. are dumping stocks? Leave your comments in the space below.