Insider Selling: 3M Company (MMM) VP Sells $547,365.76 in Stock
3M Company (NYSE:MMM) VP Ivan K. Fong sold 2,348 shares of 3M stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $233.12, for a total transaction of $547,365.76. Following the completion of the transaction, the vice president now directly owns 24,479 shares in the company, valued at approximately $5,706,544.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. 3M had a return on equity of 48.55% and a net margin of 17.71%. 3M’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 EPS.
A number of analysts have recently issued reports on MMM shares. Morgan Stanley reiterated an “underweight” rating and issued a $191.00 price objective (down from $193.00) on shares of 3M in a report on Monday, July 10th. Stifel Nicolaus reiterated a “hold” rating and issued a $202.00 price objective on shares of 3M in a report on Wednesday, July 19th. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. William Blair reiterated an “outperform” rating on shares of 3M in a report on Wednesday, July 26th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $209.00 price objective (down from $210.00) on shares of 3M in a report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $230.44.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Granite Capital LLC purchased a new stake in 3M in the 3rd quarter valued at $527,000. First Merchants Corp raised its position in 3M by 39.2% in the 3rd quarter. First Merchants Corp now owns 23,396 shares of the conglomerate’s stock valued at $4,911,000 after buying an additional 6,594 shares during the last quarter. Decatur Capital Management Inc. raised its position in 3M by 6.1% in the 3rd quarter. Decatur Capital Management Inc. now owns 50,975 shares of the conglomerate’s stock valued at $10,700,000 after buying an additional 2,950 shares during the last quarter. SignalPoint Asset Management LLC purchased a new stake in 3M in the 3rd quarter valued at $554,000. Finally, Canada Pension Plan Investment Board raised its position in 3M by 44.8% in the 3rd quarter. Canada Pension Plan Investment Board now owns 93,382 shares of the conglomerate’s stock valued at $19,601,000 after buying an additional 28,900 shares during the last quarter. 66.21% of the stock is owned by institutional investors and hedge funds.
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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