Traders Buy Shares of 3M Company (MMM) on Weakness
Investors bought shares of 3M Company (NYSE:MMM) on weakness during trading hours on Tuesday. $102.73 million flowed into the stock on the tick-up and $60.35 million flowed out of the stock on the tick-down, for a money net flow of $42.38 million into the stock. Of all stocks tracked, 3M had the 12th highest net in-flow for the day. 3M traded down ($0.97) for the day and closed at $217.75
Several brokerages recently weighed in on MMM. Royal Bank Of Canada reiterated a “hold” rating and issued a $205.00 price target on shares of 3M in a report on Friday, October 13th. Credit Suisse Group reaffirmed an “outperform” rating and set a $237.00 price objective (up previously from $229.00) on shares of 3M in a research note on Wednesday, October 11th. Citigroup Inc. reaffirmed a “buy” rating and set a $250.00 price objective (up previously from $228.00) on shares of 3M in a research note on Monday, October 9th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Finally, Morgan Stanley raised their price objective on shares of 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a research note on Monday, October 2nd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $209.77.
The stock’s 50-day moving average price is $211.56 and its 200 day moving average price is $204.86. The firm has a market cap of $130.26 billion, a PE ratio of 24.90 and a beta of 1.09.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period in the prior year, the company earned $2.08 EPS. The company’s revenue was up 1.9% on a year-over-year basis. Equities research analysts expect that 3M Company will post $8.96 earnings per share for the current fiscal year.
In related news, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the transaction, 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 is available at this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, 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 ninety days. 0.58% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. MPS Loria Financial Planners LLC acquired a new position in 3M during the second quarter worth $124,000. Proficio Capital Partners LLC grew its holdings in 3M by 156.0% during the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after acquiring an additional 404 shares during the period. Harfst & Associates Inc. grew its holdings in 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after acquiring an additional 100 shares during the period. Jackson Grant Investment Advisers Inc. grew its holdings in 3M by 0.6% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares during the period. Finally, Ironwood Investment Management LLC acquired a new position in 3M during the second quarter worth $203,000. 66.18% of the stock is currently owned by hedge funds and other institutional investors.
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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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