Insider Selling: 3M Company (MMM) VP Sells 1,428 Shares of Stock
3M Company (NYSE:MMM) VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of 3M Company (NYSE MMM) traded down 0.32% during midday trading on Friday, hitting $204.70. The stock had a trading volume of 825,459 shares. The firm’s 50-day moving average price is $207.42 and its 200-day moving average price is $197.29. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The stock has a market cap of $122.16 billion, a price-to-earnings ratio of 23.35 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.08 EPS. Analysts forecast that 3M Company will post $8.94 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be issued a $1.175 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.29%. 3M’s dividend payout ratio is currently 53.59%.
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A number of equities analysts have issued reports on MMM shares. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, April 27th. Stifel Nicolaus upped their target price on 3M from $190.00 to $202.00 and gave the stock a “hold” rating in a report on Wednesday, April 26th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $219.00 target price on shares of 3M in a report on Friday, May 26th. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $229.00 target price (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $203.40.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Investment Counsel Inc increased its position in 3M by 7.0% in the first quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after buying an additional 189 shares in the last quarter. Univest Corp of Pennsylvania increased its position in 3M by 1.4% in the first quarter. Univest Corp of Pennsylvania now owns 16,124 shares of the conglomerate’s stock valued at $3,085,000 after buying an additional 230 shares in the last quarter. Gradient Investments LLC increased its position in 3M by 13.7% in the first quarter. Gradient Investments LLC now owns 35,378 shares of the conglomerate’s stock valued at $6,769,000 after buying an additional 4,251 shares in the last quarter. Portfolio Solutions LLC bought a new position in 3M during the first quarter valued at approximately $210,000. Finally, Marshwinds Advisory Co. increased its position in 3M by 0.5% in the first quarter. Marshwinds Advisory Co. now owns 20,683 shares of the conglomerate’s stock valued at $3,957,000 after buying an additional 101 shares in the last quarter. Hedge funds and other institutional investors own 65.71% of the company’s stock.
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, electronics, 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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