Traders Buy Shares of 3M (MMM) on Weakness After Insider Selling

Traders purchased shares of 3M Co (NYSE:MMM) on weakness during trading hours on Thursday after an insider sold shares in the company. $187.22 million flowed into the stock on the tick-up and $136.94 million flowed out of the stock on the tick-down, for a money net flow of $50.28 million into the stock. Of all equities tracked, 3M had the 22nd highest net in-flow for the day. 3M traded down ($2.56) for the day and closed at $247.94Specifically, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction dated 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 sale, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.58% of the company’s stock.

Several brokerages have recently weighed in on MMM. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $271.00 price target on the stock in a research report on Monday, January 15th. Jefferies Group upped their price target on 3M to $262.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Royal Bank of Canada reiterated a “hold” rating and set a $205.00 price target on shares of 3M in a research report on Friday, October 13th. Stifel Nicolaus upped their price target on 3M from $220.00 to $244.00 and gave the company a “hold” rating in a research report on Wednesday, October 25th. Finally, Bank of America upped their price target on 3M from $227.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus price target of $245.45.

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 $147,680.00, a price-to-earnings ratio of 31.27, a P/E/G ratio of 2.33 and a beta of 1.10.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same quarter in the previous year, the firm earned $1.88 earnings per share. 3M’s revenue was up 9.0% on a year-over-year basis. sell-side analysts predict that 3M Co will post 10.6 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a dividend of $1.36 per share. This is a positive change from 3M’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.19%. 3M’s payout ratio is presently 59.27%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. boosted its stake in 3M by 13.3% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,253 shares of the conglomerate’s stock worth $530,000 after buying an additional 265 shares in the last quarter. Summit Securities Group LLC boosted its stake in 3M by 167.7% in the fourth quarter. Summit Securities Group LLC now owns 8,300 shares of the conglomerate’s stock worth $1,954,000 after buying an additional 5,200 shares in the last quarter. Kovack Advisors Inc. purchased a new stake in 3M in the fourth quarter worth approximately $1,766,000. Allied Investment Advisors LLC purchased a new stake in 3M in the fourth quarter worth approximately $303,000. Finally, Peregrine Asset Advisers Inc. boosted its stake in 3M by 110.3% in the fourth quarter. Peregrine Asset Advisers Inc. now owns 3,987 shares of the conglomerate’s stock worth $938,000 after buying an additional 2,091 shares in the last quarter. 66.28% of the stock is owned by institutional investors.

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About 3M

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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