Traders Buy Shares of 3M Co. (MMM) on Weakness
Investors purchased shares of 3M Co. (NYSE:MMM) on weakness during trading on Wednesday. $104.29 million flowed into the stock on the tick-up and $50.52 million flowed out of the stock on the tick-down, for a money net flow of $53.77 million into the stock. Of all equities tracked, 3M had the 20th highest net in-flow for the day. 3M traded down ($0.91) for the day and closed at $179.24
A number of equities analysts have issued reports on the stock. Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and set a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Jefferies Group reiterated a “buy” rating on shares of 3M in a report on Thursday, August 4th. Credit Suisse Group AG reiterated an “outperform” rating and set a $186.00 price target (up from $178.00) on shares of 3M in a report on Thursday, July 28th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $164.53.
The firm has a market capitalization of $108.33 billion and a P/E ratio of 22.88. The stock has a 50 day moving average of $179.50 and a 200-day moving average of $170.08.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. During the same period in the prior year, the company posted $2.02 earnings per share. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M’s quarterly revenue was down .3% compared to the same quarter last year. Analysts predict that 3M Co. will post $8.21 EPS for the current year.
The company 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 dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Wednesday, August 17th.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the sale, the vice president now directly owns 1,011 shares of the company’s stock, valued at $180,352.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Wafra Investment Advisory Group Inc. NY raised its stake in 3M by 10.0% in the fourth quarter. Wafra Investment Advisory Group Inc. NY now owns 9,915 shares of the company’s stock worth $1,494,000 after buying an additional 902 shares in the last quarter. Oppenheimer & Close LLC raised its stake in 3M by 11.2% in the fourth quarter. Oppenheimer & Close LLC now owns 23,863 shares of the company’s stock worth $3,595,000 after buying an additional 2,395 shares in the last quarter. Aberdeen Asset Management PLC UK raised its stake in 3M by 10.5% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 216,680 shares of the company’s stock worth $33,802,000 after buying an additional 20,574 shares in the last quarter. SFE Investment Counsel raised its stake in 3M by 6.6% in the fourth quarter. SFE Investment Counsel now owns 9,120 shares of the company’s stock worth $1,374,000 after buying an additional 565 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in 3M by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 838,407 shares of the company’s stock worth $126,297,000 after buying an additional 3,479 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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