Investors Buy 3M (MMM) on Weakness
Traders bought shares of 3M Co (NYSE:MMM) on weakness during trading hours on Tuesday. $144.22 million flowed into the stock on the tick-up and $82.95 million flowed out of the stock on the tick-down, for a money net flow of $61.27 million into the stock. Of all companies tracked, 3M had the 5th highest net in-flow for the day. 3M traded down ($0.99) for the day and closed at $246.31
MMM has been the topic of a number of recent analyst reports. ValuEngine cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Hilliard Lyons raised shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective on the stock in a research note on Wednesday. Citigroup reaffirmed a “buy” rating and set a $250.00 target price (up previously from $228.00) on shares of 3M in a research note on Monday, October 9th. Finally, Royal Bank of Canada boosted their target price on shares of 3M from $205.00 to $209.00 and gave the stock a “sector perform” rating in a research note 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. The stock presently has an average rating of “Hold” and a consensus target price of $241.45.
The firm has a market cap of $147,530.00, a price-to-earnings ratio of 27.64, a price-to-earnings-growth ratio of 2.47 and a beta of 1.10. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07.
In other news, insider Jon T. Lindekugel sold 400 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $230.06, for a total transaction of $92,024.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Ippocratis Vrohidis sold 1,725 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $230.34, for a total transaction of $397,336.50. Following the sale, the chief accounting officer now directly owns 898 shares of the company’s stock, valued at $206,845.32. The disclosure for this sale can be found here. Insiders have sold 22,804 shares of company stock worth $5,303,706 in the last quarter. Company insiders own 0.58% of the company’s stock.
Several large investors have recently bought and sold shares of MMM. Beach Investment Management LLC. bought a new stake in shares of 3M during the second quarter worth about $3,165,000. Martingale Asset Management L P increased its position in shares of 3M by 0.5% during the second quarter. Martingale Asset Management L P now owns 241,311 shares of the conglomerate’s stock worth $50,240,000 after acquiring an additional 1,100 shares in the last quarter. Vantage Investment Advisors LLC increased its position in shares of 3M by 8.6% during the second quarter. Vantage Investment Advisors LLC now owns 26,652 shares of the conglomerate’s stock worth $5,549,000 after acquiring an additional 2,112 shares in the last quarter. Manitou Investment Management Ltd. increased its position in shares of 3M by 6.6% during the second quarter. Manitou Investment Management Ltd. now owns 16,730 shares of the conglomerate’s stock worth $3,483,000 after acquiring an additional 1,040 shares in the last quarter. Finally, AJO LP bought a new stake in shares of 3M during the second quarter worth about $500,000. 66.29% of the stock is owned by institutional investors.
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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