3M Co. (MMM) Hits New 52-Week High at $181.32
3M Co. (NYSE:MMM) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $181.32 and last traded at $180.53, with a volume of 814,468 shares. The stock had previously closed at $179.21.
Several brokerages have recently issued reports on MMM. Credit Suisse Group AG reiterated a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Jefferies Group reissued a “buy” rating on shares of 3M in a report on Wednesday, July 6th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a report on Monday, June 27th. Morgan Stanley reissued a “sell” rating on shares of 3M in a report on Friday, June 10th. Finally, Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $161.11.
The stock has a market capitalization of $110.02 billion and a price-to-earnings ratio of 23.32. The firm has a 50-day moving average price of $172.13 and a 200-day moving average price of $162.29.
3M (NYSE:MMM) last released its earnings results on Tuesday, April 26th. The company reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.92 by $0.13. The company earned $7.41 billion during the quarter, compared to analyst estimates of $7.33 billion. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the business earned $1.85 earnings per share. Equities research analysts anticipate that 3M Co. will post $8.25 EPS for the current year.
In related news, EVP Michael F. Roman sold 1,500 shares of 3M stock in a transaction that occurred on Tuesday, April 19th. The shares were sold at an average price of $170.00, for a total value of $255,000.00. Following the completion of the sale, the executive vice president now directly owns 5,812 shares in the company, valued at approximately $988,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jesse G. Singh sold 10,606 shares of 3M stock in a transaction that occurred on Thursday, May 12th. The stock was sold at an average price of $169.91, for a total transaction of $1,802,065.46. Following the completion of the sale, the senior vice president now owns 13,481 shares of the company’s stock, valued at $2,290,556.71. The disclosure for this sale can be found here.
Other hedge funds recently added to or reduced their stakes in the company. Cobblestone Capital Advisors LLC NY boosted its stake in 3M by 4.8% in the fourth quarter. Cobblestone Capital Advisors LLC NY now owns 6,643 shares of the company’s stock worth $1,001,000 after buying an additional 306 shares during the period. Cim Investment Mangement Inc. bought a new stake in 3M during the fourth quarter worth approximately $1,006,000. Motco boosted its stake in 3M by 0.3% in the fourth quarter. Motco now owns 7,417 shares of the company’s stock worth $1,117,000 after buying an additional 25 shares during the period. Stonebridge Capital Advisors LLC boosted its stake in 3M by 10.7% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 7,563 shares of the company’s stock worth $1,139,000 after buying an additional 731 shares during the period. Finally, IFC Holdings Incorporated FL boosted its stake in 3M by 2.9% in the fourth quarter. IFC Holdings Incorporated FL now owns 7,926 shares of the company’s stock worth $1,196,000 after buying an additional 227 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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