Traders Buy 3M Co. (MMM) on Weakness
Investors bought shares of 3M Co. (NYSE:MMM) on weakness during trading on Tuesday. $174.33 million flowed into the stock on the tick-up and $128.49 million flowed out of the stock on the tick-down, for a money net flow of $45.84 million into the stock. Of all equities tracked, 3M had the 7th highest net in-flow for the day. 3M traded down ($1.97) for the day and closed at $177.66
A number of research firms have recently weighed in on MMM. Morgan Stanley restated a “sell” rating on shares of 3M in a report on Friday, June 10th. Jefferies Group raised their price target on shares of 3M from $175.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, April 12th. They noted that the move was a valuation call. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Citigroup Inc. restated a “buy” rating and issued a $191.00 price target (up from $168.00) on shares of 3M in a report on Tuesday, April 19th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of 3M in a report on Sunday, July 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $162.53.
The stock has a market capitalization of $107.75 billion and a PE ratio of 22.84. The firm’s 50-day moving average is $174.33 and its 200-day moving average is $164.11.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same period in the prior year, the firm posted $2.02 earnings per share. The business’s quarterly revenue was down .3% compared to the same quarter last year. On average, equities research analysts anticipate that 3M Co. will post $8.25 earnings per share for the current year.
In related news, CEO Inge G. Thulin sold 13,947 shares of the company’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $169.93, for a total value of $2,370,013.71. Following the completion of the transaction, the chief executive officer now directly owns 196,183 shares of the company’s stock, valued at $33,337,377.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jesse G. Singh sold 10,606 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 13,481 shares of the company’s stock, valued at $2,290,556.71. The disclosure for this sale can be found here.
A number of institutional investors have made changes to their positions in MMM. Cobblestone Capital Advisors LLC NY increased its position in shares of 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. acquired a new position in shares of 3M during the fourth quarter worth about $1,006,000. Motco increased its position in shares of 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 increased its position in shares of 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 increased its position in shares of 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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