Investors Buy 3M Co. (MMM) on Weakness
Traders bought shares of 3M Co. (NYSE:MMM) on weakness during trading hours on Monday. $63.36 million flowed into the stock on the tick-up and $44.17 million flowed out of the stock on the tick-down, for a money net flow of $19.19 million into the stock. Of all companies tracked, 3M had the 16th highest net in-flow for the day. 3M traded down ($0.29) for the day and closed at $181.11
A number of equities research analysts have issued reports on the company. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research report on Wednesday, July 6th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. Citigroup Inc. reissued a “buy” rating and set a $191.00 target price (up previously from $168.00) on shares of 3M in a research report on Tuesday, April 19th. Morgan Stanley reissued a “sell” rating on shares of 3M in a research report on Friday, June 10th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $161.11.
The firm’s 50 day moving average price is $172.49 and its 200-day moving average price is $162.66. The firm has a market cap of $109.85 billion and a PE ratio of 23.28.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 26th. The company reported $2.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.92 by $0.13. The business earned $7.41 billion during the quarter, compared to analyst estimates of $7.33 billion. The company’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.85 EPS. Analysts anticipate that 3M Co. will post $8.25 EPS for the current year.
In related news, SVP Jesse G. Singh sold 10,606 shares of the business’s stock in a transaction dated Thursday, May 12th. The stock was sold at an average price of $169.91, for a total value of $1,802,065.46. Following the transaction, the senior vice president now owns 13,481 shares in the company, valued at $2,290,556.71. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jesse G. Singh sold 19,352 shares of the business’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $167.91, for a total value of $3,249,394.32. Following the completion of the transaction, the senior vice president now owns 4,435 shares in the company, valued at approximately $744,680.85. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. Cobblestone Capital Advisors LLC NY boosted its position in 3M by 4.8% in the fourth quarter. Cobblestone Capital Advisors LLC NY now owns 6,643 shares of the company’s stock valued at $1,001,000 after buying an additional 306 shares during the period. Cim Investment Mangement Inc. purchased a new stake in shares of 3M during the fourth quarter valued at about $1,006,000. Motco boosted its stake in shares of 3M by 0.3% in the fourth quarter. Motco now owns 7,417 shares of the company’s stock valued at $1,117,000 after buying an additional 25 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its stake in shares of 3M by 10.7% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 7,563 shares of the company’s stock valued at $1,139,000 after buying an additional 731 shares during the last quarter. Finally, Fort Pitt Capital Group LLC purchased a new stake in shares of 3M during the fourth quarter valued at about $1,196,000.
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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