Traders Buy Shares of 3M Company (MMM) on Weakness
Traders bought shares of 3M Company (NYSE:MMM) on weakness during trading on Tuesday. $102.73 million flowed into the stock on the tick-up and $60.35 million flowed out of the stock on the tick-down, for a money net flow of $42.38 million into the stock. Of all stocks tracked, 3M had the 12th highest net in-flow for the day. 3M traded down ($0.97) for the day and closed at $217.75
A number of research firms have recently commented on MMM. Royal Bank Of Canada restated a “hold” rating and issued a $205.00 target price on shares of 3M in a research note on Friday. Jefferies Group LLC restated a “buy” rating and issued a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. Stifel Nicolaus restated a “hold” rating and issued a $210.00 target price on shares of 3M in a research note on Friday, July 28th. Morgan Stanley raised their target price on 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research note on Monday, October 2nd. Finally, Citigroup Inc. restated a “buy” rating and issued a $250.00 target price (up previously from $228.00) on shares of 3M in a research note on Monday, October 9th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $209.77.
The company has a 50 day moving average price of $210.45 and a 200-day moving average price of $204.37. The firm has a market capitalization of $129.95 billion, a price-to-earnings ratio of 24.84 and a beta of 1.09.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the prior year, the company posted $2.08 EPS. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts expect that 3M Company will post $8.96 earnings per share for the current year.
In other news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction 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 completion of the sale, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,112 shares of company stock valued at $1,878,890. Company insiders own 0.58% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MPS Loria Financial Planners LLC acquired a new position in shares of 3M in the 2nd quarter valued at $124,000. Proficio Capital Partners LLC increased its position in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after acquiring an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. increased its position in shares of 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. Harfst & Associates Inc. increased its position in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after acquiring an additional 100 shares during the period. Finally, One Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at $202,000. 66.18% of the stock is currently owned by hedge funds and other 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, 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.
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