Traders Buy 3M Co. (MMM) on Weakness
Investors bought shares of 3M Co. (NYSE:MMM) on weakness during trading hours on Thursday. $89.82 million flowed into the stock on the tick-up and $62.60 million flowed out of the stock on the tick-down, for a money net flow of $27.22 million into the stock. Of all stocks tracked, 3M had the 15th highest net in-flow for the day. 3M traded down ($0.29) for the day and closed at $174.87
A number of equities research analysts have recently weighed in on the company. Jefferies Group restated a “buy” rating on shares of 3M in a research note on Wednesday. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Morgan Stanley reiterated a “sell” rating on shares of 3M in a research report on Friday, June 10th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $191.00 target price (up previously from $168.00) on shares of 3M in a research report on Tuesday, April 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $161.11.
The firm has a market capitalization of $106.06 billion and a price-to-earnings ratio of 22.48. The firm has a 50-day moving average of $170.01 and a 200 day moving average of $161.10.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 26th. The company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.92 by $0.13. During the same period last year, the firm earned $1.85 EPS. The firm had revenue of $7.41 billion for the quarter, compared to analyst estimates of $7.33 billion. The company’s quarterly revenue was down 2.2% on a year-over-year basis. On average, analysts anticipate that 3M Co. will post $8.25 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Shareholders of record on Friday, May 20th were given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.54%. The ex-dividend date was Wednesday, May 18th.
In other 3M news, SVP Jesse G. Singh sold 10,606 shares of 3M stock in a transaction that occurred on Thursday, May 12th. The stock was sold at an average price of $169.91, for a total transaction of $1,802,065.46. Following the transaction, the senior vice president now owns 13,481 shares of the company’s stock, valued at $2,290,556.71. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Nicholas C. Gangestad sold 2,612 shares of 3M stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $166.52, for a total value of $434,950.24. Following the transaction, the chief financial officer now directly owns 20,240 shares in the company, valued at approximately $3,370,364.80. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in MMM. Sumitomo Mitsui Asset Management Company LTD raised its position in 3M by 40.7% in the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 109,008 shares of the company’s stock valued at $16,420,000 after buying an additional 31,532 shares during the period. BP PLC raised its position in 3M by 255.0% in the fourth quarter. BP PLC now owns 71,000 shares of the company’s stock valued at $10,695,000 after buying an additional 51,000 shares during the period. CG Asset Management LLC raised its position in 3M by 7.8% in the fourth quarter. CG Asset Management LLC now owns 28,250 shares of the company’s stock valued at $4,256,000 after buying an additional 2,050 shares during the period. Texas Yale Capital Corp. raised its position in 3M by 0.9% in the fourth quarter. Texas Yale Capital Corp. now owns 27,503 shares of the company’s stock valued at $4,143,000 after buying an additional 254 shares during the period. Finally, Independence Trust CO raised its position in 3M by 1.2% in the fourth quarter. Independence Trust CO now owns 22,172 shares of the company’s stock valued at $3,340,000 after buying an additional 272 shares during the period.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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