Traders Buy Shares of 3M Company (MMM) on Weakness
Investors bought shares of 3M Company (NYSE:MMM) on weakness during trading on Wednesday. $91.52 million flowed into the stock on the tick-up and $35.95 million flowed out of the stock on the tick-down, for a money net flow of $55.57 million into the stock. Of all equities tracked, 3M had the 11th highest net in-flow for the day. 3M traded down ($0.15) for the day and closed at $209.49
Several brokerages have weighed in on MMM. Jefferies Group LLC reaffirmed a “buy” rating and set a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. BidaskClub lowered shares of 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 target price for the company in a research note on Friday, May 26th. Bank of America Corporation reaffirmed a “buy” rating and set a $225.00 target price (up previously from $208.00) on shares of 3M in a research note on Tuesday, June 6th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $190.00 target price (down previously from $191.00) on shares of 3M in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $206.68.
The firm has a market capitalization of $125.02 billion, a price-to-earnings ratio of 23.90 and a beta of 1.08. The company’s 50-day moving average is $204.38 and its 200-day moving average is $200.55.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ 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 last year, the company posted $2.08 EPS. On average, equities research analysts expect that 3M Company will post $8.94 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were paid a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is currently 53.59%.
In other 3M news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now directly 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 is available through this link. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the sale, the insider now directly owns 5,503 shares in the company, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,112 shares of company stock valued at $1,878,890. Company insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. M Holdings Securities Inc. increased its holdings 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 valued at $1,135,000 after purchasing an additional 1,441 shares during the period. Griffin Asset Management Inc. bought a new position in 3M during the second quarter valued at about $3,785,000. Gs Investments Inc. bought a new position in 3M during the second quarter valued at about $409,000. Sentry Investment Management LLC boosted its stake in 3M by 1.0% during the second quarter. Sentry Investment Management LLC now owns 47,652 shares of the conglomerate’s stock valued at $9,921,000 after buying an additional 467 shares in the last quarter. Finally, Atlantic Trust LLC boosted its stake in 3M by 44.3% during the second quarter. Atlantic Trust LLC now owns 17,483 shares of the conglomerate’s stock valued at $3,825,000 after buying an additional 5,366 shares in the last quarter. 66.31% of the stock is currently owned by hedge funds and other institutional investors.
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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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