3M Company (NYSE:MMM) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $196.13, but opened at $199.39. 3M shares last traded at $199.72, with a volume of 1,413,577 shares trading hands.
The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same quarter last year, the business posted $2.08 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis.
Several equities research analysts have issued reports on the stock. Barclays PLC restated an “overweight” rating and set a $201.00 price objective (up from $200.00) on shares of 3M in a research report on Wednesday, April 19th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 price objective for the company in a research report on Friday, May 26th. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Jefferies Group LLC restated a “buy” rating and set a $234.00 price objective on shares of 3M in a research report on Thursday, June 1st. Finally, Bank of America Corporation restated a “buy” rating and set a $225.00 price objective (up from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $203.40.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of 3M stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the transaction, the vice president now owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James L. Bauman sold 14,616 shares of 3M stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the transaction, the insider now owns 16,458 shares in the company, valued at approximately $3,222,640.98. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its position in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares during the last quarter. Karp Capital Management Corp raised its position in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after buying an additional 493,230 shares during the last quarter. Swiss National Bank raised its position in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp raised its position in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its position in 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock valued at $87,828,000 after buying an additional 220,741 shares during the last quarter. Institutional investors and hedge funds own 65.76% of the company’s stock.
The stock’s 50-day moving average is $209.15 and its 200-day moving average is $195.17. The stock has a market cap of $123.92 billion, a price-to-earnings ratio of 23.69 and a beta of 1.08.
About 3M
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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