Traders Sell 3M (MMM) on Strength (MMM)
Traders sold shares of 3M Company (NYSE:MMM) on strength during trading on Wednesday. $105.43 million flowed into the stock on the tick-up and $192.65 million flowed out of the stock on the tick-down, for a money net flow of $87.22 million out of the stock. Of all stocks tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $2.53 for the day and closed at $239.11
A number of brokerages have recently weighed in on MMM. Royal Bank of Canada reiterated a “hold” rating and set a $209.00 price target on shares of 3M in a report on Friday, September 15th. Jefferies Group lifted their price target on 3M to $262.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. J P Morgan Chase & Co downgraded 3M from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $185.00 to $201.00 in a report on Wednesday, September 20th. Stifel Nicolaus lifted their price target on 3M from $220.00 to $244.00 and gave the company a “hold” rating in a report on Wednesday, October 25th. Finally, Morgan Stanley lifted their price target on 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a report 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 given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $231.16.
The stock has a market capitalization of $142,415.86, a PE ratio of 26.72, a price-to-earnings-growth ratio of 2.59 and a beta of 1.10. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the previous year, the firm earned $2.15 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. equities research analysts predict that 3M Company will post 9.08 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were issued a $0.0118 dividend. The ex-dividend date was Wednesday, November 22nd. This represents a $0.05 annualized dividend and a yield of 0.02%. 3M’s dividend payout ratio (DPR) is 52.51%.
In other 3M news, VP Khandpur K. Ashish sold 4,004 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total value of $926,485.56. Following the completion of the transaction, the vice president now owns 5,236 shares of the company’s stock, valued at approximately $1,211,558.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jon T. Lindekugel sold 400 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $230.06, for a total value of $92,024.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,804 shares of company stock valued at $5,303,706. Insiders own 0.58% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MMM. MPS Loria Financial Planners LLC bought a new stake in shares of 3M in the 2nd quarter valued at approximately $124,000. Hoertkorn Richard Charles bought a new stake in shares of 3M in the 3rd quarter valued at approximately $126,000. Proficio Capital Partners LLC grew its stake 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 purchasing an additional 404 shares during the period. Harfst & Associates Inc. grew its stake 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 purchasing an additional 100 shares during the period. Finally, Mascoma Wealth Management LLC grew its stake in shares of 3M by 87.5% in the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after purchasing an additional 350 shares during the period. Institutional investors own 66.33% of the company’s stock.
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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