Traders Buy 3M (MMM) on Weakness
Traders bought shares of 3M Co (NYSE:MMM) on weakness during trading on Thursday. $244.67 million flowed into the stock on the tick-up and $186.99 million flowed out of the stock on the tick-down, for a money net flow of $57.68 million into the stock. Of all companies tracked, 3M had the 26th highest net in-flow for the day. 3M traded down ($4.17) for the day and closed at $231.34
Several brokerages have recently commented on MMM. Vetr lowered 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective on the stock. in a research report on Tuesday. Barclays began coverage on 3M in a report on Thursday, February 15th. They set an “underweight” rating and a $235.00 target price for the company. Deutsche Bank upgraded 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $240.00 to $275.00 in a report on Tuesday, February 13th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $290.00 target price for the company in a report on Tuesday, January 30th. Finally, Royal Bank of Canada restated a “hold” rating and set a $254.00 target price on shares of 3M in a report on Thursday, January 25th. Four analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. 3M currently has an average rating of “Hold” and an average price target of $254.02.
The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04. The firm has a market cap of $137,190.00, a price-to-earnings ratio of 25.12, a price-to-earnings-growth ratio of 2.15 and a beta of 1.10.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be issued a $1.36 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.36%. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is 59.32%.
In other 3M news, CFO Nicholas C. Gangestad sold 1,681 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of the sale, the chief financial officer now owns 23,562 shares in the company, valued at approximately $5,884,845.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the completion of the sale, the chairman now owns 253,873 shares of the company’s stock, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,806 shares of company stock valued at $13,162,628. Company insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. Alpha Windward LLC lifted its stake in shares of 3M by 16.5% in the 4th quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock valued at $339,000 after purchasing an additional 204 shares during the period. Canal Capital Management LLC lifted its stake in shares of 3M by 3.2% in the 4th quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock valued at $1,671,000 after purchasing an additional 221 shares during the period. ARGI Investment Services LLC lifted its stake in shares of 3M by 6.8% in the 3rd quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock valued at $736,000 after purchasing an additional 227 shares during the period. Weatherstone Capital Management lifted its stake in shares of 3M by 10.3% in the 4th quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock valued at $573,000 after purchasing an additional 227 shares during the period. Finally, Cadence Bank NA lifted its stake in shares of 3M by 1.6% in the 4th quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock valued at $3,617,000 after purchasing an additional 237 shares during the period. Institutional investors and hedge funds own 66.17% 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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