Investors Buy 3M Co. (MMM) on Weakness Following Insider Selling
Traders purchased shares of 3M Co. (NYSE:MMM) on weakness during trading hours on Monday after an insider sold shares in the company. $93.44 million flowed into the stock on the tick-up and $56.72 million flowed out of the stock on the tick-down, for a money net flow of $36.72 million into the stock. Of all stocks tracked, 3M had the 10th highest net in-flow for the day. 3M traded down ($1.44) for the day and closed at $171.52Specifically, VP Eric D. Hammes sold 504 shares of the firm’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $173.69, for a total value of $87,539.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Julie L. Bushman sold 10,771 shares of 3M stock in a transaction dated 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 transaction, the insider now directly owns 34,093 shares in the company, valued at $5,683,644.03. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
A number of research firms have recently weighed in on MMM. Goldman Sachs Group Inc. cut 3M from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $172.96 to $159.00 in a research report on Monday. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, November 15th. RBC Capital Markets reaffirmed an “underperform” rating and set a $155.00 price objective (down from $159.00) on shares of 3M in a research report on Wednesday, October 26th. Royal Bank Of Canada lowered their price objective on 3M from $159.00 to $155.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 26th. Finally, Barclays PLC raised 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $171.00 to $194.00 in a research report on Monday, October 24th. Four analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $170.80.
The firm’s 50-day moving average is $170.10 and its 200-day moving average is $173.75. The company has a market cap of $103.16 billion, a PE ratio of 21.63 and a beta of 1.04.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.72 billion. During the same quarter in the prior year, the business earned $2.05 earnings per share. The company’s revenue was up .0% compared to the same quarter last year. On average, analysts forecast that 3M Co. will post $8.17 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Friday, November 18th will be given a dividend of $1.11 per share. The ex-dividend date is Wednesday, November 16th. This represents a $4.44 dividend on an annualized basis and a yield of 2.59%. 3M’s dividend payout ratio is currently 55.92%.
A number of institutional investors have recently modified their holdings of the company. Joel Isaacson & Co. LLC increased its position in shares of 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock worth $1,326,000 after buying an additional 3,464 shares in the last quarter. Retirement Systems of Alabama increased its position in shares of 3M by 21.8% in the second quarter. Retirement Systems of Alabama now owns 481,728 shares of the company’s stock worth $84,360,000 after buying an additional 86,323 shares in the last quarter. Capstone Asset Management Co. increased its position in shares of 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock worth $25,319,000 after buying an additional 2,879 shares in the last quarter. S&CO Inc. increased its position in shares of 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock worth $11,982,000 after buying an additional 800 shares in the last quarter. Finally, CIBC World Markets Inc. increased its position in shares of 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock worth $14,345,000 after buying an additional 3,988 shares in the last quarter. Institutional investors own 65.53% of the company’s stock.
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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