3M (NYSE:MMM – Get Free Report) CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available through this link.
3M Trading Down 0.8 %
MMM traded down $0.96 during mid-day trading on Friday, hitting $124.17. The stock had a trading volume of 3,247,914 shares, compared to its average volume of 5,417,748. The stock’s fifty day simple moving average is $107.04 and its 200-day simple moving average is $100.04. The firm has a market capitalization of $68.71 billion, a price-to-earnings ratio of -9.76, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. 3M has a 1-year low of $71.12 and a 1-year high of $128.65. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.
3M (NYSE:MMM – Get Free Report) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the company earned $2.17 EPS. As a group, research analysts forecast that 3M will post 7.21 EPS for the current fiscal year.
3M Cuts Dividend
Hedge Funds Weigh In On 3M
Institutional investors and hedge funds have recently modified their holdings of the business. Jade Capital Advisors LLC bought a new position in 3M during the fourth quarter worth $4,373,000. Scarborough Advisors LLC acquired a new position in 3M in the 4th quarter valued at about $978,000. KMG Fiduciary Partners LLC raised its holdings in 3M by 2.2% in the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the period. Norden Group LLC lifted its position in 3M by 1,381.0% during the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after acquiring an additional 60,929 shares during the last quarter. Finally, Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several brokerages recently issued reports on MMM. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Wells Fargo & Company upped their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada lifted their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $123.57.
View Our Latest Analysis on 3M
About 3M
3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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