Traders Sell Shares of 3M (MMM) on Strength (MMM)
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 research firms have recently commented on MMM. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Wednesday. Barclays cut their target price on 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research note on Monday, November 19th. Deutsche Bank upped their target price on 3M from $206.00 to $210.00 and gave the company a “hold” rating in a research note on Friday, November 16th. Argus lowered their price target on 3M from $240.00 to $225.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Finally, Citigroup lowered their price target on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $225.16.
The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. The firm has a market cap of $117.74 billion, a PE ratio of 22.10, a P/E/G ratio of 2.00 and a beta of 1.18.
The company also recently declared 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. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.68%. 3M’s payout ratio is 59.32%.
3M announced that its Board of Directors has initiated a share repurchase plan on Tuesday, November 13th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at $1,216,944. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gregory R. Page bought 1,000 shares of the stock in a transaction on Friday, October 26th. The shares were bought at an average price of $184.50 per share, with a total value of $184,500.00. Following the acquisition, the director now owns 1,500 shares of the company’s stock, valued at $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of MMM. Broderick Brian C lifted its holdings in 3M by 7.0% during the second quarter. Broderick Brian C now owns 39,829 shares of the conglomerate’s stock worth $7,835,000 after buying an additional 2,615 shares during the period. Hemenway Trust Co LLC lifted its holdings in 3M by 7.6% during the second quarter. Hemenway Trust Co LLC now owns 80,127 shares of the conglomerate’s stock worth $15,763,000 after buying an additional 5,637 shares during the period. Armbruster Capital Management Inc. lifted its holdings in 3M by 26.3% during the second quarter. Armbruster Capital Management Inc. now owns 2,400 shares of the conglomerate’s stock worth $472,000 after buying an additional 500 shares during the period. MainStreet Investment Advisors LLC lifted its holdings in 3M by 4.7% during the second quarter. MainStreet Investment Advisors LLC now owns 47,300 shares of the conglomerate’s stock worth $9,305,000 after buying an additional 2,105 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its holdings in 3M by 23.6% during the second quarter. State of New Jersey Common Pension Fund D now owns 222,400 shares of the conglomerate’s stock worth $43,751,000 after buying an additional 42,400 shares during the period. Institutional investors own 67.00% of the company’s stock.
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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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