Investors Buy 3M Co. (MMM) on Weakness
Investors bought shares of 3M Co. (NYSE:MMM) on weakness during trading on Thursday. $104.29 million flowed into the stock on the tick-up and $50.52 million flowed out of the stock on the tick-down, for a money net flow of $53.77 million into the stock. Of all stocks tracked, 3M had the 21st highest net in-flow for the day. 3M traded down ($0.91) for the day and closed at $179.24
Several equities analysts have recently issued reports on MMM shares. Morgan Stanley reaffirmed a “sell” rating on shares of 3M in a research note on Friday, June 10th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Jefferies Group reissued a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $164.00 target price on shares of 3M in a research note on Thursday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $164.53.
The firm has a market capitalization of $108.78 billion and a PE ratio of 22.97. The stock’s 50-day moving average price is $179.51 and its 200 day moving average price is $170.08.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. The business earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. 3M’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the company posted $2.02 EPS. On average, equities analysts anticipate that 3M Co. will post $8.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Friday, August 19th will be paid a $1.11 dividend. The ex-dividend date of this dividend is Wednesday, August 17th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.47%.
In related news, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the sale, the vice president now directly owns 1,011 shares in the company, valued at approximately $180,352.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul A. Keel sold 3,180 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $567,280.20. Following the sale, the insider now owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The disclosure for this sale can be found here.
A number of large investors have recently bought and sold shares of the stock. RiverFront Investment Group LLC purchased a new stake in 3M during the fourth quarter worth approximately $19,378,000. BP PLC raised its stake in 3M by 255.0% in the fourth quarter. BP PLC now owns 71,000 shares of the company’s stock worth $10,695,000 after buying an additional 51,000 shares in the last quarter. Aberdeen Asset Management PLC UK raised its stake in 3M by 10.5% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 216,680 shares of the company’s stock worth $33,802,000 after buying an additional 20,574 shares in the last quarter. Liberty Mutual Group Asset Management Inc. raised its stake in 3M by 47.6% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 37,153 shares of the company’s stock worth $5,596,000 after buying an additional 11,987 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in 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.
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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