3M Co. (MMM) Shares Gap Up to $178.82
3M Co. (NYSE:MMM)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $178.79, but opened at $178.82. 3M shares last traded at $180.89, with a volume of 764,935 shares.
A number of research firms recently commented on MMM. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. Jefferies Group raised their price target on shares of 3M from $187.00 to $190.00 and gave the stock a “buy” rating in a research report on Monday, April 18th. Citigroup Inc. reaffirmed a “buy” rating and set a $191.00 price target (up from $168.00) on shares of 3M in a research report on Tuesday, April 19th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $186.00 price target (up from $178.00) on shares of 3M in a research report on Thursday, July 28th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $163.32.
The firm has a market cap of $109.40 billion and a price-to-earnings ratio of 23.10. The company has a 50 day moving average of $177.38 and a 200-day moving average of $166.95.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the company earned $2.02 earnings per share. Analysts predict that 3M Co. will post $8.21 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Friday, August 19th will be issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Wednesday, August 17th.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the sale, the vice president now directly owns 1,011 shares of the company’s stock, valued at $180,352.29. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The disclosure for this sale can be found here.
Several large investors recently made changes to their positions in MMM. Cim Investment Mangement Inc. bought a new stake in shares of 3M during the fourth quarter valued at $1,006,000. Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of 3M by 1.4% in the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 8,461 shares of the company’s stock valued at $1,275,000 after buying an additional 115 shares in the last quarter. Regal Investment Advisors LLC boosted its stake in shares of 3M by 105.8% in the fourth quarter. Regal Investment Advisors LLC now owns 8,730 shares of the company’s stock valued at $1,315,000 after buying an additional 4,487 shares in the last quarter. SFE Investment Counsel boosted its stake in shares of 3M by 6.6% in the fourth quarter. SFE Investment Counsel now owns 9,120 shares of the company’s stock valued at $1,374,000 after buying an additional 565 shares in the last quarter. Finally, Pitcairn Co. boosted its stake in shares of 3M by 1.7% in the fourth quarter. Pitcairn Co. now owns 9,921 shares of the company’s stock valued at $1,494,000 after buying an additional 169 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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