Traders Sell Shares of 3M (MMM) on Strength on Insider Selling

Traders sold shares of 3M Co (NYSE:MMM) on strength during trading hours on Wednesday following insider selling activity. $67.30 million flowed into the stock on the tick-up and $122.20 million flowed out of the stock on the tick-down, for a money net flow of $54.90 million out of the stock. Of all companies tracked, 3M had the 0th highest net out-flow for the day. 3M traded up $0.12 for the day and closed at $208.53Specifically, insider Paul A. Keel sold 9,410 shares of the firm’s stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $199.14, for a total transaction of $1,873,907.40. Following the transaction, the insider now directly owns 23,009 shares of the company’s stock, valued at $4,582,012.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Inge G. Thulin sold 13,499 shares of the firm’s stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the transaction, the chairman now directly owns 230,458 shares in the company, valued at $46,091,600. The disclosure for this sale can be found here. Insiders have sold 71,551 shares of company stock worth $14,335,468 over the last ninety days. Insiders own 0.72% of the company’s stock.

MMM has been the topic of several recent research reports. reaffirmed a “sell” rating on shares of 3M in a report on Tuesday, February 12th. Barclays lowered their target price on shares of 3M from $190.00 to $189.00 and set an “underweight” rating on the stock in a report on Thursday, January 3rd. Credit Suisse Group reaffirmed an “outperform” rating and set a $220.00 target price (down from $230.00) on shares of 3M in a report on Thursday, January 3rd. Royal Bank of Canada reissued a “buy” rating and issued a $213.00 price objective on shares of 3M in a research note on Wednesday, December 19th. Finally, Deutsche Bank lifted their price objective on shares of 3M from $206.00 to $210.00 and gave the company a “hold” rating in a research note on Friday, November 16th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and an average price target of $214.57.

The company has a market cap of $120.00 billion, a PE ratio of 19.86, a P/E/G ratio of 1.92 and a beta of 1.06. The company has a current ratio of 1.89, a quick ratio of 1.29 and a debt-to-equity ratio of 1.36.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.03. The business had revenue of $7.95 billion for the quarter, compared to analysts’ expectations of $7.87 billion. 3M had a net margin of 16.33% and a return on equity of 57.70%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the firm posted $2.10 earnings per share. Equities analysts anticipate that 3M Co will post 10.67 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Friday, February 15th will be paid a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a yield of 2.77%. This is a boost from 3M’s previous quarterly dividend of $1.36. The ex-dividend date is Thursday, February 14th. 3M’s dividend payout ratio (DPR) is 55.07%.

3M announced that its board has authorized a share repurchase program on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to buy up to 8.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Several hedge funds and other institutional investors have recently bought and sold shares of MMM. Oregon Public Employees Retirement Fund grew its stake in shares of 3M by 17,350.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock worth $141,000 after buying an additional 26,742,875 shares during the last quarter. BlackRock Inc. grew its stake in shares of 3M by 3.0% during the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock worth $7,435,433,000 after buying an additional 1,152,714 shares during the last quarter. Rehmann Capital Advisory Group grew its stake in shares of 3M by 14,237.6% during the third quarter. Rehmann Capital Advisory Group now owns 939,688 shares of the conglomerate’s stock worth $8,941,033,000 after buying an additional 933,134 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of 3M by 2,768.8% during the fourth quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock worth $110,258,000 after buying an additional 558,486 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of 3M by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after buying an additional 537,325 shares during the last quarter. 66.67% of the stock is currently owned by hedge funds and other institutional investors.

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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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