Mineral Resources Ltd (ASX: MIN) shares have been flying over the past year.
But investors aren’t showing much love for the ASX 200 miner today.
At the time of writing, the Mineral Resources share price is down a sizeable 6.47% to $65.62.
That is a rough day out, especially for a stock that has already climbed more than 20% in 2026 and almost 150% over the past 12 months.
So, why are investors taking some profits off the table today?
Chris Ellison trims his stake
The big talking point today is a sizeable share sale by managing director Chris Ellison.
In an ASX announcement, Mineral Resources said Ellison sold 1.75 million shares on-market between 11 May and 14 May.
The sale was worth about $122.5 million and was completed at a weighted average price of $69.98 per share.
The company said the sale was made for personal financial planning purposes, including the establishment of a family office.
It also said the trade was completed in line with its securities trading policy.
Nonetheless, a sale of this size was always likely to get noticed, especially after such a strong run in the share price.
The other side of the update is that Ellison remains the company’s largest shareholder. He still holds 20.8 million shares, representing 10.54% of issued capital.
Mineral Resources also said this was his first on-market share sale since December 2017.
Lithium weakness adds pressure
While Ellison’s share sale is getting most of the attention, recent lithium price swings are not helping either.
Mineral Resources is being sold on a day when several lithium stocks are also in the red.
Pilbara Minerals Ltd (ASX: PLS) is down 4.23% to $6.11, and Liontown Resources Ltd (ASX: LTR) is sinking 6.20% to $2.345.
Trading Economics shows lithium carbonate in China is sitting around CNY 195,000 per tonne, down 2.7% today
That gives investors another reason to take profits in lithium-exposed shares, especially after the strong run across the sector.
Foolish Takeaway
Mineral Resources has had a huge recovery over the past year, so a pullback was never going to take much news.
Ellison’s sale is large enough to make investors stop and rethink, even though he remains heavily invested in the company.
The weaker lithium session has also weighed on the sector, with several lithium miners in the red.
After a near 150% gain over 12 months, some profit-taking was always going to be a risk.
The post Why this ASX 200 mining stock is sinking 6% today appeared first on The Motley Fool Australia.
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More reading
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- Buy, hold, sell: Mineral Resources, Fortescue, Champion Iron shares
- 4 top ASX 200 shares including Rio Tinto and Macquarie notching new 52-week plus highs today
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.