Investors Sell Shares of 3M Company (MMM) on Strength (MMM)
Traders sold shares of 3M Company (NYSE:MMM) on strength during trading on Wednesday. $71.09 million flowed into the stock on the tick-up and $111.61 million flowed out of the stock on the tick-down, for a money net flow of $40.52 million out of the stock. Of all equities tracked, 3M had the 21st highest net out-flow for the day. 3M traded up $0.74 for the day and closed at $207.92
A number of brokerages recently weighed in on MMM. Jefferies Group LLC reissued a “buy” rating and set a $234.00 price objective on shares of 3M in a report on Wednesday. Stifel Nicolaus reissued a “hold” rating and set a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Citigroup Inc. decreased their price objective on 3M from $230.00 to $228.00 and set a “buy” rating on the stock in a report on Wednesday, July 26th. Finally, Morgan Stanley reissued an “underweight” rating and set a $190.00 price objective (down from $191.00) on shares of 3M in a report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $203.40.
The company has a market cap of $124.08 billion, a price-to-earnings ratio of 23.72 and a beta of 1.08. The stock has a 50-day moving average of $207.57 and a 200-day moving average of $197.24.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the 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 firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same period last year, the company earned $2.08 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts predict that 3M Company will post $8.94 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be paid a $1.175 dividend. This represents a $4.70 annualized dividend and a yield of 2.26%. 3M’s dividend payout ratio (DPR) is currently 53.59%.
In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at $4,770,662.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Reilly Financial Advisors LLC boosted its stake in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares during the period. Proficio Capital Partners LLC boosted its stake in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. boosted its stake in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares during the period. Harfst & Associates Inc. boosted its stake in shares of 3M by 17.0% in the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after buying an additional 100 shares during the period. Finally, American Research & Management Co. boosted its stake in shares of 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock valued at $179,000 after buying an additional 70 shares during the period. 65.71% of the stock is currently owned by institutional investors.
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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