3M Co (MMM) CFO Nicholas C. Gangestad Sells 4,681 Shares

3M Co (NYSE:MMM) CFO Nicholas C. Gangestad sold 4,681 shares of the stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $201.34, for a total transaction of $942,472.54. Following the completion of the sale, the chief financial officer now directly owns 33,691 shares of the company’s stock, valued at $6,783,345.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Shares of MMM stock opened at $200.91 on Tuesday. 3M Co has a 12 month low of $176.87 and a 12 month high of $244.86. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.29 and a current ratio of 1.89. The company has a market cap of $115.06 billion, a price-to-earnings ratio of 19.21, a P/E/G ratio of 1.84 and a beta of 1.06.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 EPS for the quarter, beating the consensus estimate of $2.28 by $0.03. 3M had a return on equity of 57.70% and a net margin of 16.33%. The company had revenue of $7.95 billion for the quarter, compared to the consensus estimate of $7.87 billion. During the same quarter last year, the company posted $2.10 earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M Co will post 10.67 earnings per share for the current fiscal year.

3M declared that its Board of Directors has approved a stock repurchase plan on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to reacquire up to 8.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Shareholders of record on Friday, February 15th will be issued a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Thursday, February 14th. This is an increase from 3M’s previous quarterly dividend of $1.36. 3M’s dividend payout ratio (DPR) is 52.01%.

Several brokerages recently weighed in on MMM. Barclays cut their price objective on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research report on Monday, November 19th. Deutsche Bank raised their price objective on shares of 3M from $206.00 to $210.00 and gave the company a “hold” rating in a research report on Friday, November 16th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, December 5th. Royal Bank of Canada cut their price objective on shares of 3M to $223.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 24th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $220.00 price objective (down previously from $230.00) on shares of 3M in a research report on Thursday, January 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. 3M currently has an average rating of “Hold” and an average target price of $214.57.

Hedge funds have recently made changes to their positions in the business. Wellington Shields & Co. LLC grew its stake in shares of 3M by 4.5% in the fourth quarter. Wellington Shields & Co. LLC now owns 5,727 shares of the conglomerate’s stock worth $1,091,000 after acquiring an additional 248 shares during the last quarter. Aviance Capital Partners LLC grew its stake in shares of 3M by 9.4% in the fourth quarter. Aviance Capital Partners LLC now owns 10,131 shares of the conglomerate’s stock worth $1,930,000 after acquiring an additional 872 shares during the last quarter. Wellington Shields Capital Management LLC grew its stake in shares of 3M by 4.1% in the fourth quarter. Wellington Shields Capital Management LLC now owns 10,467 shares of the conglomerate’s stock worth $1,994,000 after acquiring an additional 412 shares during the last quarter. State of Tennessee Treasury Department grew its stake in shares of 3M by 194.7% in the fourth quarter. State of Tennessee Treasury Department now owns 385,933 shares of the conglomerate’s stock worth $73,536,000 after acquiring an additional 254,983 shares during the last quarter. Finally, Clear Harbor Asset Management LLC grew its stake in shares of 3M by 17.7% in the fourth quarter. Clear Harbor Asset Management LLC now owns 3,613 shares of the conglomerate’s stock worth $688,000 after acquiring an additional 544 shares during the last quarter. Institutional investors own 70.67% of the company’s stock.

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3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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

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