Nicholas C. Gangestad Sells 2,888 Shares of 3M Company (MMM) Stock
3M Company (NYSE:MMM) CFO Nicholas C. Gangestad sold 2,888 shares of the business’s stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $181.31, for a total transaction of $523,623.28. Following the completion of the transaction, the chief financial officer now owns 20,071 shares in the company, valued at $3,639,073.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of 3M Company (NYSE:MMM) opened at 183.41 on Friday. The company has a market cap of $109.35 billion, a price-to-earnings ratio of 22.48 and a beta of 1.04. 3M Company has a 52-week low of $153.64 and a 52-week high of $183.46. The stock has a 50 day moving average of $177.70 and a 200 day moving average of $175.63.
3M Company (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 24th. The company reported $1.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.01. The company earned $7.33 billion during the quarter, compared to analyst estimates of $7.35 billion. 3M Company had a net margin of 16.77% and a return on equity of 43.82%. 3M Company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the business earned $1.80 EPS. On average, equities research analysts expect that 3M Company will post $8.62 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 12th. Shareholders of record on Friday, February 17th will be paid a dividend of $1.175 per share. This is a positive change from 3M Company’s previous quarterly dividend of $1.11. This represents a $4.70 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Wednesday, February 15th. 3M Company’s dividend payout ratio (DPR) is currently 54.41%.
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A number of research analysts have weighed in on the stock. Citigroup Inc. dropped their target price on shares of 3M Company from $206.00 to $204.00 and set a “buy” rating on the stock in a research note on Wednesday, January 25th. Stifel Nicolaus boosted their target price on shares of 3M Company from $187.00 to $190.00 and gave the company a “hold” rating in a research note on Wednesday, January 25th. RBC Capital Markets set a $176.00 target price on shares of 3M Company and gave the company a “hold” rating in a research note on Wednesday, January 4th. Vetr cut shares of 3M Company from a “hold” rating to a “sell” rating and set a $171.00 target price on the stock. in a research note on Thursday, December 22nd. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M Company in a research note on Thursday, December 15th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. 3M Company presently has a consensus rating of “Hold” and an average price target of $180.17.
A number of hedge funds have recently added to or reduced their stakes in MMM. Independent Advisor Alliance bought a new stake in shares of 3M Company during the fourth quarter worth about $2,306,000. Capital Guardian Trust Co. increased its stake in shares of 3M Company by 17.1% in the fourth quarter. Capital Guardian Trust Co. now owns 2,779 shares of the company’s stock worth $496,000 after buying an additional 406 shares during the last quarter. Cigna Investments Inc. New bought a new stake in shares of 3M Company during the fourth quarter worth about $3,955,000. L & S Advisors Inc bought a new stake in shares of 3M Company during the fourth quarter worth about $6,711,000. Finally, Congress Asset Management Co. MA bought a new stake in shares of 3M Company during the fourth quarter worth about $4,542,000. Institutional investors and hedge funds own 65.80% of the company’s stock.
About 3M Company
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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