Anyone else sell at a huge loss. Or are you waiting for a miracle on 7th circuit Court Street?
Should have sold when inge left.
9 replies (most recent on top)
For those not fortunate enough to retire by Nov. 30 and take the lump sum, what was your percentage reduction in lump sum value from Nov 2022 to Jan 2023? Some financial advisers were telling people to expect 30%+ reductions. Was that real or were they just trying to scare people into rolling their pension over to an IRA so they could collect more fees?
If you were not fortunate enough to retire by Nov. 30 and take lump sum, you may want to take a peek.
Stock price is absolutely a concern!
However, I’d like to refresh everyone on pension.
I took a lump sum a few years ago and rolled it into a 401k. Invested in a large cap equity fund and up >35%!
I have certainly been selling at a loss lately. I offloaded everything I could back earlier this year around $150 and turned GESPP off in Q2 (not sure why this took me so long, should’ve turned that that trash off in 2019). Now I’m offloading all of my remaining lots as they become available each month at a pretty minor loss all things considered. Cannot wait until next year until I will own ZERO shares of 3M.
Like someone else commented, it’s kind of crazy how much of a benefit this used to be. I know people that did the GESPP their whole career and made great gains + the dividend. Even people who didn’t have a crazy career (eg retire early as a T5/14 after 30 year career) having just a baffling amount of 3M stock at massive gains, but I sure wouldn’t want to be holding all that stock today.
To me it’s a speculative buy even with this GESPP at best and I feel the upside is ~$150 whereas the downside is near unlimited. I’d pick just about anything over ¢mmm (cent sign and lowercase to show my disgust 👨🍳 😚)
Once upon a time, in a galaxy far far away, 3Ms GESPP was a huge employee benefit even when raises were 2 percent if that.
Now it's like going to the dentist and finding out you need 4 root canals and your "world-class" (really not) 3M dental insurance covers 100 bucks max when it costs over a 1000.
- I have ceased my GESPP donations since July.
- Recently sold in batches $115~$130.
To eventually sell all before spinoff (those which has a 1 year holding period which I find is stupid).
Sold all GESPP stock at a tidy 40 % profit in Q2, 2022. Never looked back.
3M stock will never recover. Top dogs are selling maximum shares that are legally allowed under SEC rule. Look up SEC filings for 2022 for 3M. Almost everyone sold in the $ 130 - $150 range. Even they know the current hopeless situation.
Pay attention to how much and when the execs sell their shares. Should tell you a lot about what they think the future of the company looks like.
Sold at $121. Should have sold at the same time a couple of EVP's did at $141....they must have been talking with Pauli P........