Investors Buy 3M Co. (MMM) on Weakness
Traders purchased shares of 3M Co. (NYSE:MMM) on weakness during trading hours on Thursday. $89.82 million flowed into the stock on the tick-up and $62.60 million flowed out of the stock on the tick-down, for a money net flow of $27.22 million into the stock. Of all companies tracked, 3M had the 15th highest net in-flow for the day. 3M traded down ($0.29) for the day and closed at $174.87
Several brokerages have recently commented on MMM. Credit Suisse Group AG reissued an “outperform” rating and issued a $175.00 price objective (up from $167.00) on shares of 3M in a research note on Monday, March 14th. Morgan Stanley reissued an “underweight” rating and issued a $157.00 price objective (up from $146.00) on shares of 3M in a research note on Monday, March 28th. Sanford C. Bernstein increased their price objective on 3M from $160.00 to $170.00 and gave the stock a “market perform” rating in a research note on Wednesday, March 30th. Jefferies Group increased their price objective on 3M from $175.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, April 12th. They noted that the move was a valuation call. Finally, Citigroup Inc. reissued a “buy” rating and issued a $191.00 price objective (up from $168.00) on shares of 3M in a research note on Tuesday, April 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $161.11.
The company has a market cap of $107.43 billion and a P/E ratio of 22.77. The stock’s 50 day moving average price is $170.36 and its 200-day moving average price is $161.32.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 26th. The company reported $2.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.92 by $0.13. During the same period last year, the business earned $1.85 EPS. The company had revenue of $7.41 billion for the quarter, compared to the consensus estimate of $7.33 billion. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. Equities research analysts anticipate that 3M Co. will post $8.25 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 12th. Investors of record on Friday, May 20th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Wednesday, May 18th.
In other 3M news, SVP Jesse G. Singh sold 19,352 shares of the stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $167.91, for a total transaction of $3,249,394.32. Following the sale, the senior vice president now directly owns 4,435 shares in the company, valued at approximately $744,680.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jesse G. Singh sold 10,606 shares of the stock in a transaction on Thursday, May 12th. The shares were sold at an average price of $169.91, for a total value of $1,802,065.46. Following the sale, the senior vice president now owns 13,481 shares in the company, valued at $2,290,556.71. The disclosure for this sale can be found here.
Other hedge funds have modified their holdings of the company. Calamos Advisors LLC increased its stake in shares of 3M by 300.6% in the fourth quarter. Calamos Advisors LLC now owns 209,449 shares of the company’s stock valued at $31,551,000 after buying an additional 157,162 shares in the last quarter. RiverFront Investment Group LLC acquired a new stake in shares of 3M during the fourth quarter valued at approximately $19,378,000. Dimensional Fund Advisors LP increased its stake in shares of 3M by 7.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,308,245 shares of the company’s stock valued at $197,084,000 after buying an additional 88,070 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of 3M by 14.1% in the fourth quarter. Teacher Retirement System of Texas now owns 450,376 shares of the company’s stock valued at $67,845,000 after buying an additional 55,791 shares in the last quarter. Finally, BP PLC increased its stake in shares of 3M by 255.0% in the fourth quarter. BP PLC now owns 71,000 shares of the company’s stock valued at $10,695,000 after buying an additional 51,000 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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