Investors Sell 3M (MMM) on Strength (MMM)

Investors sold shares of 3M Company (NYSE:MMM) on strength during trading hours on Thursday. $51.93 million flowed into the stock on the tick-up and $112.12 million flowed out of the stock on the tick-down, for a money net flow of $60.19 million out of the stock. Of all companies tracked, 3M had the 19th highest net out-flow for the day. 3M traded up $1.63 for the day and closed at $240.30

Several equities analysts have issued reports on MMM shares. Jefferies Group reissued a “buy” rating and issued a $234.00 price objective on shares of 3M in a research note on Wednesday, August 16th. Bank of America reissued a “buy” rating and issued a $227.00 price objective on shares of 3M in a research note on Thursday, September 14th. Royal Bank Of Canada reissued a “hold” rating and issued a $209.00 price objective on shares of 3M in a research note on Friday, September 15th. J P Morgan Chase & Co cut shares of 3M from a “neutral” rating to an “underweight” rating and boosted their price objective for the company from $185.00 to $201.00 in a research note on Wednesday, September 20th. Finally, Morgan Stanley boosted their price objective on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research note on Monday, October 2nd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $231.16.

The company has a market cap of $143,120.00, a PE ratio of 26.62, a P/E/G ratio of 2.58 and a beta of 1.10. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping the 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 business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.15 EPS. research analysts forecast that 3M Company will post 9.09 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th will be given a dividend of $0.0118 per share. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. 3M’s payout ratio is currently 52.46%.

In related news, Chairman Inge G. Thulin sold 6,823 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.14, for a total value of $1,590,714.22. Following the sale, the chairman now directly owns 196,906 shares in the company, valued at approximately $45,906,664.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Nicholas C. Gangestad sold 4,004 shares of the business’s stock in a transaction dated 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 owns 25,805 shares in the company, valued at $6,034,241.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock worth $5,303,706 over the last 90 days. Insiders own 0.58% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC raised its stake in 3M by 3.9% in the 1st quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock valued at $844,511,000 after purchasing an additional 167,491 shares during the last quarter. Ameriprise Financial Inc. raised its stake in 3M by 0.3% in the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after purchasing an additional 8,239 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in 3M by 3.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock valued at $534,998,000 after purchasing an additional 92,789 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in 3M by 4.9% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,916,848 shares of the conglomerate’s stock valued at $399,069,000 after purchasing an additional 89,307 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in 3M by 0.5% in the 3rd quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock valued at $356,877,000 after purchasing an additional 8,500 shares during the last quarter. Institutional investors and hedge funds own 66.33% of the company’s stock.

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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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