Investors Buy 3M Co. (MMM) on Weakness
Investors bought shares of 3M Co. (NYSE:MMM) on weakness during trading on Thursday. $93.29 million flowed into the stock on the tick-up and $70.94 million flowed out of the stock on the tick-down, for a money net flow of $22.35 million into the stock. Of all equities tracked, 3M had the 14th highest net in-flow for the day. 3M traded down ($0.29) for the day and closed at $177.98
Several equities analysts recently commented on MMM shares. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Morgan Stanley reiterated a “sell” rating on shares of 3M in a research note on Friday, June 10th. Jefferies Group reiterated a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $191.00 price objective (up from $168.00) on shares of 3M in a research note on Tuesday, April 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and a consensus price target of $163.32.
The company’s 50-day moving average price is $174.73 and its 200-day moving average price is $164.31. The company has a market cap of $107.57 billion and a PE ratio of 22.72.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the company earned $2.02 earnings per share. Analysts predict that 3M Co. will post $8.23 earnings per share for the current fiscal year.
In related news, EVP Joaquin Delgado sold 17,996 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $166.81, for a total transaction of $3,001,912.76. Following the transaction, the executive vice president now owns 28,474 shares of the company’s stock, valued at $4,749,747.94. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Nicholas C. Gangestad sold 2,612 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $166.52, for a total transaction 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.
Other institutional investors have modified their holdings of the company. Cobblestone Capital Advisors LLC NY raised its position in shares of 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 last quarter. Cim Investment Mangement Inc. acquired a new position in shares of 3M during the fourth quarter valued at $1,006,000. Motco raised its position 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 raised its position 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, IFC Holdings Incorporated FL raised its position in shares of 3M by 2.9% in the fourth quarter. IFC Holdings Incorporated FL now owns 7,926 shares of the company’s stock valued at $1,196,000 after buying an additional 227 shares during the last quarter.
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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