Traders sold shares of 3M Co (NYSE:MMM) on strength during trading hours on Thursday. $132.19 million flowed into the stock on the tick-up and $190.07 million flowed out of the stock on the tick-down, for a money net flow of $57.88 million out of the stock. Of all companies tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $0.48 for the day and closed at $202.68
A number of analysts have commented on the company. Argus reduced their target price on 3M from $240.00 to $225.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Citigroup reduced their target price on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Gordon Haskett assumed coverage on 3M in a report on Friday, October 12th. They issued a “buy” rating for the company. Morgan Stanley assumed coverage on 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price for the company. Finally, Deutsche Bank set a $206.00 target price on 3M and gave the stock a “hold” rating in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $225.16.
The firm has a market capitalization of $117.74 billion, a P/E ratio of 22.10, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). The business had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the business posted $2.33 EPS. Equities analysts anticipate that 3M Co will post 9.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be issued a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Wednesday, November 21st. 3M’s payout ratio is currently 59.32%.
3M announced that its Board of Directors has approved a stock buyback program on Tuesday, November 13th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Gregory R. Page acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The stock was bought at an average price of $184.50 per share, with a total value of $184,500.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Strategic Wealth Partners Ltd. lifted its position in 3M by 6.2% during the third quarter. Strategic Wealth Partners Ltd. now owns 2,137 shares of the conglomerate’s stock valued at $450,000 after purchasing an additional 124 shares in the last quarter. Cadinha & Co. LLC lifted its position in 3M by 3.9% during the second quarter. Cadinha & Co. LLC now owns 6,390 shares of the conglomerate’s stock valued at $1,257,000 after purchasing an additional 240 shares in the last quarter. Montecito Bank & Trust lifted its position in 3M by 3.8% during the second quarter. Montecito Bank & Trust now owns 6,680 shares of the conglomerate’s stock valued at $1,314,000 after purchasing an additional 242 shares in the last quarter. Trust Department MB Financial Bank N A lifted its position in 3M by 12.0% during the third quarter. Trust Department MB Financial Bank N A now owns 2,297 shares of the conglomerate’s stock valued at $484,000 after purchasing an additional 247 shares in the last quarter. Finally, REDW Stanley Financial Advisors LLC lifted its position in 3M by 8.2% during the second quarter. REDW Stanley Financial Advisors LLC now owns 3,294 shares of the conglomerate’s stock valued at $648,000 after purchasing an additional 250 shares in the last quarter. 67.00% of the stock is owned by institutional investors.
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3M Company Profile (NYSE:MMM)
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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