3M Co (NYSE:MMM) VP Ippocratis Vrohidis sold 8,153 shares of the firm’s stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $199.51, for a total value of $1,626,605.03. Following the completion of the sale, the vice president now directly owns 786 shares of the company’s stock, valued at $156,814.86. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
Shares of MMM stock opened at $209.72 on Thursday. The firm has a market cap of $115.06 billion, a P/E ratio of 20.05, a PEG ratio of 1.84 and a beta of 1.06. 3M Co has a 1 year low of $176.87 and a 1 year high of $244.86. The company has a quick ratio of 1.29, a current ratio of 1.89 and a debt-to-equity ratio of 1.36.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.03. The company had revenue of $7.95 billion during the quarter, compared to the consensus estimate of $7.87 billion. 3M had a return on equity of 57.70% and a net margin of 16.33%. 3M’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.10 earnings per share. As a group, research analysts predict that 3M Co will post 10.67 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Shareholders of record on Friday, February 15th will be given a dividend of $1.44 per share. This is an increase from 3M’s previous quarterly dividend of $1.36. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $5.76 annualized dividend and a yield of 2.75%. 3M’s dividend payout ratio (DPR) is presently 52.01%.
3M declared that its board has authorized a stock repurchase program on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
MMM has been the subject of several recent analyst reports. Argus reduced their price target on 3M from $240.00 to $225.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Citigroup reduced their price objective on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Royal Bank of Canada reaffirmed a “buy” rating and set a $213.00 price objective on shares of 3M in a report on Wednesday, December 19th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Thursday, November 22nd. Finally, Deutsche Bank lifted their price objective on 3M from $206.00 to $210.00 and gave the stock a “hold” rating in a report on Friday, November 16th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. 3M currently has a consensus rating of “Hold” and an average price target of $214.57.
Institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC purchased a new position in 3M during the fourth quarter worth $35,000. Intercontinental Wealth Advisors LLC purchased a new position in 3M during the fourth quarter worth $38,000. Essex Investment Management Co. LLC purchased a new position in 3M during the fourth quarter worth $39,000. Westside Investment Management Inc. increased its position in 3M by 96.2% during the fourth quarter. Westside Investment Management Inc. now owns 255 shares of the conglomerate’s stock worth $49,000 after buying an additional 125 shares in the last quarter. Finally, Financial Gravity Companies Inc. purchased a new position in 3M during the fourth quarter worth $72,000. 70.67% of the stock is owned by institutional investors.
3M Company Profile
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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