Traders sold shares of 3M Co (NYSE:MMM) on strength during trading hours on Wednesday. $75.77 million flowed into the stock on the tick-up and $127.51 million flowed out of the stock on the tick-down, for a money net flow of $51.74 million out of the stock. Of all stocks tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $3.23 for the day and closed at $211.83
Several research firms have weighed in on MMM. MED downgraded 3M from a “buy” rating to a “hold” rating and set a $208.00 price target for the company. in a research report on Thursday, July 12th. Morgan Stanley began coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target for the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Jefferies Financial Group downgraded 3M from a “buy” rating to a “hold” rating and lowered their price objective for the company from $259.77 to $200.00 in a research report on Wednesday, May 16th. Finally, Deutsche Bank reaffirmed a “hold” rating and issued a $208.00 price objective on shares of 3M in a research report on Thursday, July 12th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. 3M has a consensus rating of “Hold” and a consensus price target of $234.97.
The firm has a market cap of $124.26 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 2.01 and a beta of 1.16. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The firm had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. During the same quarter last year, the firm earned $2.58 earnings per share. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. research analysts expect that 3M Co will post 10.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Investors of record on Friday, August 24th will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Thursday, August 23rd. 3M’s payout ratio is currently 59.32%.
In related 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.58% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Rainier Group Investment Advisory LLC acquired a new position in 3M in the first quarter valued at $114,000. Ballew Advisors Inc acquired a new position in shares of 3M during the first quarter worth about $122,000. Quattro Financial Advisors LLC acquired a new position in shares of 3M during the first quarter worth about $119,000. Stelac Advisory Services LLC acquired a new position in shares of 3M during the first quarter worth about $125,000. Finally, SRS Capital Advisors Inc. lifted its stake in shares of 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after purchasing an additional 595 shares in the last quarter. Hedge funds and other institutional investors own 66.16% of the company’s stock.
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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