Traders Buy Shares of 3M Co. (MMM) on Weakness on Insider Selling
Traders purchased shares of 3M Co. (NYSE:MMM) on weakness during trading hours on Wednesday after an insider sold shares in the company. $178.33 million flowed into the stock on the tick-up and $132.68 million flowed out of the stock on the tick-down, for a money net flow of $45.65 million into the stock. Of all stocks tracked, 3M had the 8th highest net in-flow for the day. 3M traded down ($0.64) for the day and closed at $170.39Specifically, insider Julie L. Bushman sold 10,771 shares of the firm’s stock in a transaction on Friday, November 4th. The shares were sold at an average price of $166.71, for a total value of $1,795,633.41. Following the sale, the insider now directly owns 34,093 shares in the company, valued at approximately $5,683,644.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.58% of the stock is currently owned by insiders.
A number of equities research analysts have recently weighed in on MMM shares. Morgan Stanley restated a “sell” rating and issued a $168.00 price objective on shares of 3M in a report on Tuesday, August 23rd. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Credit Suisse Group AG restated a “buy” rating and issued a $195.00 price objective on shares of 3M in a report on Friday, September 16th. Royal Bank Of Canada cut their price target on shares of 3M from $159.00 to $155.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 26th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $164.00 price target on shares of 3M in a research note on Thursday, August 25th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $170.19.
The firm’s 50 day moving average is $170.85 and its 200 day moving average is $173.38. The stock has a market cap of $104.82 billion, a price-to-earnings ratio of 21.97 and a beta of 1.04.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.01. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.72 billion. 3M had a net margin of 16.40% and a return on equity of 42.27%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the company posted $2.05 earnings per share. On average, analysts expect that 3M Co. will post $8.18 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Friday, November 18th will be issued a $1.11 dividend. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $4.44 annualized dividend and a yield of 2.55%. 3M’s dividend payout ratio is presently 55.92%.
A number of hedge funds have recently bought and sold shares of MMM. Delphi Private Advisors LLC boosted its stake in shares of 3M by 0.4% in the second quarter. Delphi Private Advisors LLC now owns 909 shares of the company’s stock worth $159,000 after buying an additional 4 shares during the period. Harwood Advisory Group LLC boosted its stake in shares of 3M by 0.3% in the third quarter. Harwood Advisory Group LLC now owns 1,455 shares of the company’s stock worth $256,000 after buying an additional 4 shares during the period. Landmark Financial Advisors LLC boosted its stake in shares of 3M by 0.3% in the second quarter. Landmark Financial Advisors LLC now owns 1,868 shares of the company’s stock worth $327,000 after buying an additional 5 shares during the period. Valley National Advisers Inc. boosted its stake in shares of 3M by 0.3% in the second quarter. Valley National Advisers Inc. now owns 2,391 shares of the company’s stock worth $419,000 after buying an additional 7 shares during the period. Finally, Founders Capital Management LLC boosted its stake in shares of 3M by 0.4% in the second quarter. Founders Capital Management LLC now owns 1,916 shares of the company’s stock worth $336,000 after buying an additional 8 shares during the period. 65.68% of the stock is currently owned by hedge funds and other institutional investors.
3M Company Profile
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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