Traders Sell 3M Co. (MMM) on Strength (MMM)
Investors sold shares of 3M Co. (NYSE:MMM) on strength during trading hours on Tuesday. $39.40 million flowed into the stock on the tick-up and $67.94 million flowed out of the stock on the tick-down, for a money net flow of $28.54 million out of the stock. Of all stocks tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $0.70 for the day and closed at $179.77
A number of brokerages recently issued reports on MMM. Morgan Stanley reaffirmed a “sell” rating and set a $168.00 target price on shares of 3M in a research report on Tuesday. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Credit Suisse Group AG reissued an “outperform” rating and issued a $186.00 price target (up previously from $178.00) on shares of 3M in a report on Thursday, July 28th. Jefferies Group reissued a “buy” rating on shares of 3M in a report on Wednesday, July 6th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $164.11.
The stock has a 50-day moving average of $178.99 and a 200 day moving average of $169.05. The company has a market cap of $108.65 billion and a price-to-earnings ratio of 22.94.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.01. During the same period in the prior year, the business earned $2.02 EPS. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. The company’s revenue for the quarter was down .3% compared to the same quarter last year. Analysts forecast that 3M Co. will post $8.21 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Friday, August 19th will be issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Wednesday, August 17th.
In other news, insider Paul A. Keel sold 3,180 shares of 3M stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $567,280.20. Following the completion of the sale, the insider now owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction on Monday, August 1st. The stock was sold at an average price of $178.42, for a total value of $1,617,555.72. Following the sale, the insider now directly owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The disclosure for this sale can be found here.
Other large investors have recently bought and sold shares of the company. Pinnacle Wealth Management Advisory Group LLC increased its stake in 3M by 1.4% in the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 8,461 shares of the company’s stock worth $1,275,000 after buying an additional 115 shares in the last quarter. SFE Investment Counsel increased its stake in 3M by 6.6% in the fourth quarter. SFE Investment Counsel now owns 9,120 shares of the company’s stock worth $1,374,000 after buying an additional 565 shares in the last quarter. Wafra Investment Advisory Group Inc. NY increased its stake in 3M by 10.0% in the fourth quarter. Wafra Investment Advisory Group Inc. NY now owns 9,915 shares of the company’s stock worth $1,494,000 after buying an additional 902 shares in the last quarter. Schnieders Capital Management LLC increased its stake in 3M by 1.0% in the fourth quarter. Schnieders Capital Management LLC now owns 13,037 shares of the company’s stock worth $1,964,000 after buying an additional 123 shares in the last quarter. Finally, Physicians Financial Services Inc. purchased a new stake in 3M during the fourth quarter worth $2,196,000.
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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