Investors Sell Shares of 3M Company (MMM) on Strength (MMM)
Investors sold shares of 3M Company (NYSE:MMM) on strength during trading on Thursday. $58.74 million flowed into the stock on the tick-up and $113.91 million flowed out of the stock on the tick-down, for a money net flow of $55.17 million out of the stock. Of all stocks tracked, 3M had the 15th highest net out-flow for the day. 3M traded up $2.41 for the day and closed at $204.46
Several equities analysts recently weighed in on MMM shares. Morgan Stanley reaffirmed an “underweight” rating and issued a $191.00 price target (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $219.00 price target on shares of 3M in a research report on Friday, May 26th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 price target on the stock in a research report on Friday, May 26th. BidaskClub cut shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $229.00 price target (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $206.68.
The stock has a market capitalization of $122.01 billion, a PE ratio of 23.32 and a beta of 1.08. The company’s 50 day moving average is $204.63 and its 200-day moving average is $199.97.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.08 EPS. Equities research analysts forecast that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a dividend of $1.175 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.30%. 3M’s dividend payout ratio is presently 53.59%.
In other news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the sale, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock worth $1,878,890 in the last three months. Corporate insiders own 0.58% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. M Holdings Securities Inc. increased its stake in shares of 3M by 35.9% during the second quarter. M Holdings Securities Inc. now owns 5,450 shares of the conglomerate’s stock worth $1,135,000 after buying an additional 1,441 shares during the period. Griffin Asset Management Inc. purchased a new stake in shares of 3M during the second quarter worth approximately $3,785,000. Gs Investments Inc. purchased a new stake in shares of 3M during the second quarter worth approximately $409,000. Sentry Investment Management LLC increased its stake in shares of 3M by 1.0% during the second quarter. Sentry Investment Management LLC now owns 47,652 shares of the conglomerate’s stock worth $9,921,000 after buying an additional 467 shares during the period. Finally, Atlantic Trust LLC increased its stake in shares of 3M by 44.3% during the second quarter. Atlantic Trust LLC now owns 17,483 shares of the conglomerate’s stock worth $3,825,000 after buying an additional 5,366 shares during the period. Hedge funds and other institutional investors own 66.30% of the company’s stock.
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3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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