Investors Buy 3M Co. (MMM) on Weakness
Investors bought shares of 3M Co. (NYSE:MMM) on weakness during trading on Thursday. $53.26 million flowed into the stock on the tick-up and $36.36 million flowed out of the stock on the tick-down, for a money net flow of $16.90 million into the stock. Of all equities tracked, 3M had the 29th highest net in-flow for the day. 3M traded down ($0.69) for the day and closed at $179.18
Several equities research analysts have issued reports on the stock. Jefferies Group boosted their price objective on shares of 3M from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. Credit Suisse Group AG reiterated an “outperform” rating and set a $186.00 price objective (up from $178.00) on shares of 3M in a research note on Thursday, July 28th. Sanford C. Bernstein reiterated 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 note on Friday, June 10th. Finally, Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Two 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 stock currently has an average rating of “Hold” and a consensus target price of $163.32.
The firm has a market cap of $108.56 billion and a P/E ratio of 22.92. The firm has a 50 day moving average price of $178.87 and a 200 day moving average price of $168.41.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.01. The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. During the same period in the previous year, the business posted $2.02 EPS. 3M’s revenue was down .3% compared to the same quarter last year. Equities analysts anticipate that 3M Co. will post $8.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Friday, August 19th will be given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Wednesday, August 17th.
In related news, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the transaction, the insider now owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The sale was disclosed in a legal filing 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 that occurred 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 directly owns 9,961 shares in the company, valued at approximately $1,776,942.79. The disclosure for this sale can be found here.
A number of institutional investors recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of 3M by 196.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 67,630 shares of the company’s stock valued at $10,188,000 after buying an additional 44,850 shares during the period. Farr Miller & Washington LLC DC increased its position in shares of 3M by 0.9% in the fourth quarter. Farr Miller & Washington LLC DC now owns 23,701 shares of the company’s stock valued at $3,570,000 after buying an additional 201 shares during the period. Calvert Investment Management Inc. increased its position in shares of 3M by 33.5% in the fourth quarter. Calvert Investment Management Inc. now owns 44,963 shares of the company’s stock valued at $6,773,000 after buying an additional 11,275 shares during the period. American International Group Inc. increased its position in shares of 3M by 2.6% in the fourth quarter. American International Group Inc. now owns 344,574 shares of the company’s stock valued at $51,908,000 after buying an additional 8,706 shares during the period. Finally, KBC Group NV increased its position in shares of 3M by 7.8% in the fourth quarter. KBC Group NV now owns 64,597 shares of the company’s stock valued at $9,731,000 after buying an additional 4,682 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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