3M Company (NYSE:MMM) EVP James L. Bauman sold 2,000 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $230.89, for a total transaction of $461,780.00. Following the completion of the transaction, the executive vice president now owns 14,362 shares of the company’s stock, valued at $3,316,042.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.12. The firm 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 company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 earnings per share.
A number of analysts recently weighed in on MMM shares. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Bank of America Corporation restated a “buy” rating and set a $227.00 target price on shares of 3M in a report on Thursday, September 14th. Credit Suisse Group restated an “outperform” rating and set a $237.00 target price (up from $229.00) on shares of 3M in a report on Wednesday, October 11th. Citigroup Inc. raised their target price on shares of 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Finally, Morgan Stanley restated an “underweight” rating and set a $191.00 target price (down from $193.00) on shares of 3M in a report on Monday, July 10th. Three investment 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’s stock. 3M has a consensus rating of “Hold” and a consensus target price of $230.44.
Several institutional investors and hedge funds have recently modified their holdings of MMM. American Century Companies Inc. raised its position in shares of 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after purchasing an additional 852,262 shares during the period. Karp Capital Management Corp raised its position in shares of 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after purchasing an additional 493,230 shares during the period. Swiss National Bank raised its position in shares of 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after purchasing an additional 447,900 shares during the period. Capital Research Global Investors bought a new position in shares of 3M in the second quarter valued at about $89,237,000. Finally, Bank of New York Mellon Corp raised its position in shares of 3M by 4.6% in 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 purchasing an additional 300,345 shares during the period. 66.21% 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, , 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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