Investors sold shares of 3M Company (NYSE:MMM) on strength during trading on Thursday. $58.74 million flowed into the stock on the tick-up and $113.91 million flowed out of the stock on the tick-down, for a money net flow of $55.17 million out of the stock. Of all companies tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $2.41 for the day and closed at $204.46
Several research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a report on Monday, June 19th. Stifel Nicolaus restated a “hold” rating and set a $202.00 target price on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley restated an “underweight” rating and set a $191.00 target price (down from $193.00) on shares of 3M in a research report on Monday, July 10th. BidaskClub lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC restated a “buy” rating and set a $234.00 target price on shares of 3M in a research report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $206.68.
The stock has a market capitalization of $122.75 billion, a price-to-earnings ratio of 23.46 and a beta of 1.08. The firm has a 50-day moving average price of $204.44 and a 200-day moving average price of $200.01.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. The firm had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. 3M’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.08 EPS. Equities research analysts anticipate that 3M Company will post $8.94 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be paid a dividend of $1.175 per share. 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 53.59%.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the firm’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 transaction of $560,195.57. Following the sale, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the firm’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 transaction of $295,110.48. Following the sale, the vice president now directly owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock worth $1,878,890 in the last ninety days. Corporate insiders own 0.58% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Jackson Grant Investment Advisers Inc. grew its stake in 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares during the period. Founders Capital Management LLC grew its stake in 3M by 0.4% in the 1st quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock valued at $371,000 after acquiring an additional 8 shares during the period. Baystate Wealth Management LLC grew its stake in 3M by 0.6% in the 1st quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock valued at $370,000 after acquiring an additional 11 shares during the period. Capital Management Corp VA grew its stake in 3M by 0.3% in the 1st quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock valued at $753,000 after acquiring an additional 11 shares during the period. Finally, Smith Chas P & Associates PA Cpas grew its stake in 3M by 0.7% in the 1st quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock valued at $374,000 after acquiring an additional 13 shares during the period. 66.30% of the stock is currently owned by institutional investors and hedge funds.
ILLEGAL ACTIVITY NOTICE: This piece was first published by BBNS and is the property of of BBNS. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this piece can be read at https://baseballnewssource.com/markets/traders-sell-3m-company-mmm-on-strength-mmm/1610715.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 & 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 companies with our FREE daily email newsletter.