3M Company (MMM) Shares Rise After Reporting a Pre-Established Trading Plan for an Executive’s Stock
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What is going on with the 3M company?
3M Company (MMM) shares were trading higher after Ivan K. Fong, executive vice president, general counsel and policy and company secretary, disclosed a pre-established trading plan adopted in accordance with Rule 10b5-1 on August 6 in a Form 8-K filed with the Securities and Exchange Commission.
MMM shares rose 0.74% to $ 198.89 per share on Tuesday morning.
What does this mean for MMM?
Fong’s plan includes the exercise of two fully vested stock options for employees to purchase a total of 22,182 3M common shares, provided that the market price of 3M common shares exceeds the exercise price of options at the time of exercise. In addition, it covers the sale of a sufficient number of stocks underlying those options to pay the exercise prices of the options and the related withholding tax obligations.
All transactions under the plan, if they occur, are expected to be completed by the end of November 18. Fong would remain above the minimum shareholding thresholds established by the company for its executives. All transactions under the plan will be publicly disclosed on Form 4 and, where applicable, Form 144.
The plans in Rule 10b5-1 allow insiders to sell a specified portion of their holdings at a specified time or over a specified period of time in accordance with a written plan established at a time when the insider is not in possession of important non-public information.
MMM has a fundamental rank of 56. Find out what that means to you and get the rest of the rankings on MMM!
3M is a multinational conglomerate that has been in business since 1902 when it was called Minnesota Mining and Manufacturing. The company is well known for its research and development laboratory, and the company leverages its science and technology in several product categories. As of 2020, 3M is organized into four business segments: Safety & Industry, Transportation & Electronics, Healthcare & Consumer. Almost 50% of the company’s revenue comes from outside the Americas, with the security and industrial segment making up a plurality of the company’s net sales. Many of the company’s more than 60,000 products reach and affect a variety of consumers and end markets.
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