Investors Buy Shares of 3M Co. (MMM) on Weakness
Investors purchased shares of 3M Co. (NYSE:MMM) on weakness during trading hours on Tuesday. $50.95 million flowed into the stock on the tick-up and $36.76 million flowed out of the stock on the tick-down, for a money net flow of $14.19 million into the stock. Of all companies tracked, 3M had the 23rd highest net in-flow for the day. 3M traded down ($0.19) for the day and closed at $178.39
A number of equities analysts have commented on MMM shares. Citigroup Inc. reiterated a “buy” rating and issued a $191.00 price objective (up previously from $168.00) on shares of 3M in a report on Tuesday, April 19th. Jefferies Group boosted their price objective on shares of 3M from $187.00 to $190.00 and gave the stock a “buy” rating in a report on Monday, April 18th. Credit Suisse Group AG reiterated a “buy” rating on shares of 3M in a report on Sunday, July 10th. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two investment 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. The company has an average rating of “Hold” and a consensus price target of $163.32.
The company has a market capitalization of $107.82 billion and a P/E ratio of 22.77. The firm has a 50 day moving average of $176.89 and a 200-day moving average of $166.76.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same quarter in the prior year, the company posted $2.02 EPS. The firm’s quarterly revenue was down .3% compared to the same quarter last year. On average, analysts forecast that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Friday, August 19th will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.49%.
In other news, insider Paul A. Keel sold 3,180 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $567,280.20. Following the transaction, the insider now owns 9,961 shares in the company, valued at approximately $1,776,942.79. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the transaction, the vice president now owns 1,011 shares in the company, valued at approximately $180,352.29. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. Regal Investment Advisors LLC raised its position in shares of 3M by 105.8% in the fourth quarter. Regal Investment Advisors LLC now owns 8,730 shares of the company’s stock valued at $1,315,000 after buying an additional 4,487 shares during the period. 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 during the period. 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 during the period. Cim Investment Mangement Inc. acquired a new position in shares of 3M during the fourth quarter valued at approximately $1,006,000. Finally, 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 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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