Traders Sell Shares of 3M Co. (MMM) on Strength (MMM)
Traders sold shares of 3M Co. (NYSE:MMM) on strength during trading hours on Tuesday. $33.18 million flowed into the stock on the tick-up and $56.89 million flowed out of the stock on the tick-down, for a money net flow of $23.71 million out of the stock. Of all equities tracked, 3M had the 21st highest net out-flow for the day. 3M traded up $0.13 for the day and closed at $181.24
A number of research firms recently commented on MMM. Jefferies Group upped their price objective on 3M from $190.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley reiterated a “sell” rating on shares of 3M in a report on Friday, June 10th. Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Finally, Citigroup Inc. reissued a “buy” rating and issued a $191.00 target price (up from $168.00) on shares of 3M in a research note on Tuesday, April 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $162.53.
The firm’s 50-day moving average price is $172.74 and its 200-day moving average price is $162.80. The company has a market capitalization of $109.92 billion and a PE ratio of 23.30.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 26th. The company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.13. The company earned $7.41 billion during the quarter, compared to the consensus estimate of $7.33 billion. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.85 EPS. Analysts predict that 3M Co. will post $8.25 EPS for the current year.
In other 3M news, CFO Nicholas C. Gangestad sold 2,612 shares of the company’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $166.52, for a total value of $434,950.24. Following the sale, the chief financial officer now owns 20,240 shares in the company, valued at approximately $3,370,364.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jesse G. Singh sold 10,606 shares of the company’s stock in a transaction dated 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 completion of the sale, the senior vice president now owns 13,481 shares in the company, valued at approximately $2,290,556.71. The disclosure for this sale can be found here.
Several large investors recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. raised its stake in 3M by 1.1% in the fourth quarter. OppenheimerFunds Inc. now owns 1,726,472 shares of the company’s stock worth $260,090,000 after buying an additional 18,896 shares during the period. Dimensional Fund Advisors LP increased its position 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 worth $197,084,000 after buying an additional 88,070 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of 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. Eagle Asset Management Inc. increased its position in shares of 3M by 0.7% in the fourth quarter. Eagle Asset Management Inc. now owns 509,376 shares of the company’s stock worth $76,732,000 after buying an additional 3,714 shares in the last quarter. Finally, Coho Partners Ltd. increased its position in shares of 3M by 1.5% in the fourth quarter. Coho Partners Ltd. now owns 508,706 shares of the company’s stock worth $76,631,000 after buying an additional 7,585 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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