3M Company (NYSE:MMM) VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Shares of 3M Company (NYSE:MMM) traded down 0.32% during mid-day trading on Friday, hitting $204.70. The stock had a trading volume of 825,459 shares. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.57. The company’s 50 day moving average is $207.42 and its 200-day moving average is $197.29. The stock has a market cap of $122.16 billion, a P/E ratio of 23.35 and a beta of 1.08.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.08 earnings per share. On average, equities research analysts anticipate that 3M Company will post $8.94 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a yield of 2.29%. The ex-dividend date is Wednesday, August 23rd. 3M’s payout ratio is 53.59%.
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A number of research analysts recently issued reports on MMM shares. Bank of America Corporation restated a “buy” rating and set a $225.00 price target (up previously from $208.00) on shares of 3M in a report on Tuesday, June 6th. Citigroup Inc. reiterated a “buy” rating and set a $229.00 target price (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. Jefferies Group LLC reiterated a “buy” rating and set a $234.00 target price on shares of 3M in a report on Thursday, June 1st. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a report on Friday, May 26th. Finally, Barclays PLC reiterated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Two 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 stock has an average rating of “Hold” and a consensus target price of $203.40.
Institutional investors have recently modified their holdings of the stock. American Century Companies Inc. raised its position in shares of 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 shares of 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 shares of 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. Capital Research Global Investors acquired a new position in shares of 3M during the second quarter valued at about $89,237,000. Finally, Bank of New York Mellon Corp raised its position in shares of 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. 65.71% of the stock is currently owned by institutional investors.
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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