Traders Sell 3M Co. (MMM) on Strength (MMM)
Traders sold shares of 3M Co. (NYSE:MMM) on strength during trading hours on Monday. $31.48 million flowed into the stock on the tick-up and $84.16 million flowed out of the stock on the tick-down, for a money net flow of $52.68 million out of the stock. Of all companies tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $0.01 for the day and closed at $178.58
A number of brokerages recently commented on MMM. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Jefferies Group boosted their target price on shares of 3M from $187.00 to $190.00 and gave the stock a “buy” rating in a research note on Monday, April 18th. Citigroup Inc. reiterated a “buy” rating and set a $191.00 target price (up previously from $168.00) on shares of 3M in a research note on Tuesday, April 19th. Credit Suisse Group AG reiterated an “outperform” rating and set a $186.00 target price (up previously from $178.00) on shares of 3M in a research note on Thursday, July 28th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Two equities 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 company has an average rating of “Hold” and an average price target of $163.32.
The stock has a market capitalization of $107.93 billion and a PE ratio of 22.79. The stock has a 50-day moving average of $176.68 and a 200-day moving average of $166.48.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same period last year, the firm earned $2.02 EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. Equities analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
In other 3M news, CEO Inge G. Thulin sold 13,947 shares of the firm’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $169.93, for a total transaction of $2,370,013.71. Following the completion of the transaction, the chief executive officer now directly owns 196,183 shares of the company’s stock, valued at approximately $33,337,377.19. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul A. Keel sold 3,180 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $567,280.20. Following the transaction, the insider now directly owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently made changes to their positions in the company. FTB Advisors Inc. raised its position in shares of 3M by 0.7% in the fourth quarter. FTB Advisors Inc. now owns 38,433 shares of the company’s stock valued at $5,789,000 after buying an additional 260 shares in the last quarter. Synovus Financial Corp raised its position in shares of 3M by 0.8% in the fourth quarter. Synovus Financial Corp now owns 33,217 shares of the company’s stock valued at $5,006,000 after buying an additional 278 shares in the last quarter. Cim Investment Mangement Inc. bought a new position in shares of 3M during the fourth quarter valued at $1,006,000. FCA Corp TX raised its position in shares of 3M by 2.0% in the fourth quarter. FCA Corp TX now owns 16,002 shares of the company’s stock valued at $2,411,000 after buying an additional 315 shares in the last quarter. Finally, CG Asset Management LLC raised its position in shares of 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 in 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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