Insider Selling: 3M Company (MMM) CFO Sells $936,295.36 in Stock

3M Company (NYSE:MMM) CFO Nicholas C. Gangestad sold 4,004 shares of 3M stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $233.84, for a total transaction of $936,295.36. Following the completion of the sale, the chief financial officer now directly owns 25,805 shares of the company’s stock, valued at approximately $6,034,241.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.21 by $0.12. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the business earned $2.15 earnings per share.

TRADEMARK VIOLATION NOTICE: “Insider Selling: 3M Company (MMM) CFO Sells $936,295.36 in Stock” was first posted by Community Financial News and is the sole property of of Community Financial News. If you are accessing this story on another domain, it was illegally copied and reposted in violation of United States & international copyright & trademark law. The legal version of this story can be accessed at https://www.com-unik.info/2017/11/02/insider-selling-3m-company-mmm-cfo-sells-936295-36-in-stock.html.

Several brokerages have recently weighed in on MMM. Argus lifted their price target on shares of 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Credit Suisse Group reiterated an “outperform” rating and set a $260.00 price target (up previously from $238.00) on shares of 3M in a research note on Wednesday, October 25th. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Wednesday. Stifel Nicolaus lifted their price target on shares of 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a research note on Wednesday, October 25th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of 3M from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $194.00 to $229.00 in a research note on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $230.44.

A number of hedge funds have recently added to or reduced their stakes in MMM. American Century Companies Inc. grew its position in 3M by 37.1% during the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares during the period. Karp Capital Management Corp grew its position in 3M by 16,353.8% during the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after buying an additional 493,230 shares during the period. Swiss National Bank grew its position in 3M by 26.6% during the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after buying an additional 447,900 shares during the period. Capital Research Global Investors acquired a new stake in 3M during the second quarter valued at $89,237,000. Finally, Bank of New York Mellon Corp grew its position in 3M by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares during the period. Institutional investors own 66.21% of the company’s stock.

About 3M

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, , 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.

Insider Buying and Selling by Quarter for 3M (NYSE:MMM)

What are top analysts saying about 3M Company? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for 3M Company and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit