Investors Buy Shares of 3M (MMM) on Weakness

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Traders bought shares of 3M Co (NYSE:MMM) on weakness during trading hours on Monday. $145.07 million flowed into the stock on the tick-up and $54.93 million flowed out of the stock on the tick-down, for a money net flow of $90.14 million into the stock. Of all equities tracked, 3M had the 3rd highest net in-flow for the day. 3M traded down ($0.17) for the day and closed at $204.60

MMM has been the subject of a number of recent analyst reports. Morgan Stanley initiated coverage on 3M in a report on Monday. They set an “equal weight” rating and a $212.00 price target for the company. Barclays dropped their price target on 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a report on Wednesday, July 25th. Royal Bank of Canada reaffirmed a “buy” rating and set a $234.00 price target on shares of 3M in a report on Wednesday, July 25th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Sunday, July 15th. Finally, ValuEngine raised 3M from a “sell” rating to a “hold” rating in a report on Saturday, July 14th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $234.67.

The company has a market cap of $120.12 billion, a P/E ratio of 22.43, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.58 by $0.01. The company had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period last year, the firm earned $2.58 EPS. equities research analysts anticipate that 3M Co will post 10.37 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Friday, August 24th will be paid a $1.36 dividend. The ex-dividend date is Thursday, August 23rd. This represents a $5.44 annualized dividend and a dividend yield of 2.64%. 3M’s dividend payout ratio (DPR) is currently 59.32%.

In other news, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction on Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.72% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. HC Financial Advisors Inc. bought a new position in shares of 3M in the 4th quarter worth $1,393,000. Global X Management Co. LLC boosted its position in shares of 3M by 4.4% in the 1st quarter. Global X Management Co. LLC now owns 7,782 shares of the conglomerate’s stock worth $1,708,000 after purchasing an additional 328 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of 3M by 9.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 58,361 shares of the conglomerate’s stock worth $12,811,000 after purchasing an additional 5,173 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in shares of 3M by 14.1% in the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 83,356 shares of the conglomerate’s stock worth $17,973,000 after purchasing an additional 10,281 shares during the last quarter. Finally, Weybosset Research & Management LLC boosted its position in shares of 3M by 16.5% in the 1st quarter. Weybosset Research & Management LLC now owns 2,475 shares of the conglomerate’s stock worth $543,000 after purchasing an additional 350 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

About 3M (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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