Traders Sell 3M Company (MMM) on Strength (MMM)
Traders sold shares of 3M Company (NYSE:MMM) on strength during trading hours on Friday. $56.69 million flowed into the stock on the tick-up and $92.13 million flowed out of the stock on the tick-down, for a money net flow of $35.44 million out of the stock. Of all equities tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $1.23 for the day and closed at $205.69
Several research analysts recently commented on MMM shares. Morgan Stanley reissued an “underweight” rating and set a $191.00 price target (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Jefferies Group LLC reissued a “buy” rating and set a $219.00 price target on shares of 3M in a research report on Friday, May 26th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $223.00 price target for the company in a research report on Friday, May 26th. BidaskClub cut 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Citigroup Inc. reissued a “buy” rating and set a $229.00 price target (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $206.68.
The firm has a market capitalization of $122.75 billion, a P/E ratio of 23.46 and a beta of 1.08. The stock’s 50 day moving average price is $204.44 and its 200-day moving average price is $200.01.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the previous year, the firm earned $2.08 EPS. 3M’s quarterly revenue was up 1.9% on a year-over-year basis. Equities analysts anticipate that 3M Company will post $8.94 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be paid a $1.175 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.28%. 3M’s payout ratio is presently 53.59%.
In related news, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the transaction, the insider now owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. M Holdings Securities Inc. lifted its stake in 3M by 35.9% in 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 last quarter. Griffin Asset Management Inc. purchased a new position in 3M in the second quarter valued at approximately $3,785,000. Gs Investments Inc. purchased a new position in 3M in the second quarter valued at approximately $409,000. Sentry Investment Management LLC lifted its stake in 3M by 1.0% in the second quarter. Sentry Investment Management LLC now owns 47,652 shares of the conglomerate’s stock valued at $9,921,000 after purchasing an additional 467 shares during the last quarter. Finally, Atlantic Trust LLC lifted its stake in 3M by 44.3% in the second quarter. Atlantic Trust LLC now owns 17,483 shares of the conglomerate’s stock valued at $3,825,000 after purchasing an additional 5,366 shares during the last quarter. Institutional investors and hedge funds own 66.30% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Traders Sell 3M Company (MMM) on Strength (MMM)” was first posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this article on another website, it was copied illegally and reposted in violation of United States and international copyright laws. The correct version of this article can be accessed at https://www.thecerbatgem.com/2017/09/10/traders-sell-3m-company-mmm-on-strength-mmm.html.
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.
Receive News & Stock Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related stocks with our FREE daily email newsletter.