3M (NYSE:MMM) Shares Gap Up to $100.43

Posted by Defense World Staff on Jun 25th, 2023

3M logo 3M (NYSE:MMM – Get Rating) gapped up prior to trading on Friday . The stock had previously closed at $100.43, but opened at $103.30. 3M shares last traded at $102.81, with a volume of 1,162,296 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MMM. Morgan Stanley cut their price objective on shares of 3M from $110.00 to $103.00 and set an “underweight” rating on the stock in a report on Wednesday, April 19th. Wells Fargo & Company cut their price objective on shares of 3M from $115.00 to $110.00 and set an “equal weight” rating on the stock in a report on Thursday, April 13th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, June 5th. Royal Bank of Canada increased their target price on shares of 3M from $89.00 to $95.00 in a report on Wednesday, April 26th. Finally, Barclays cut their target price on shares of 3M from $105.00 to $103.00 and set an “underweight” rating on the stock in a report on Thursday, April 6th. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $120.83.

3M Price Performance

The company’s 50-day moving average price is $101.40 and its 200-day moving average price is $109.59. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.42 and a quick ratio of 0.91. The company has a market cap of $55.56 billion, a P/E ratio of 10.44, a P/E/G ratio of 1.27 and a beta of 0.95.

3M (NYSE:MMM – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The conglomerate reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.37. 3M had a net margin of 16.31% and a return on equity of 36.48%. The company had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.51 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. The firm’s revenue was down 9.0% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 8.66 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 5.96%. The ex-dividend date of this dividend was Thursday, May 18th. 3M’s dividend payout ratio (DPR) is currently 62.18%.

Insider Activity at 3M

In related news, EVP Eric D. Hammes sold 6,487 shares of the firm’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $105.33, for a total value of $683,275.71. Following the completion of the transaction, the executive vice president now owns 10,430 shares of the company’s stock, valued at $1,098,591.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other 3M news, EVP Eric D. Hammes sold 6,487 shares of the stock in a transaction on Friday, April 28th. The shares were sold at an average price of $105.33, for a total value of $683,275.71. Following the completion of the sale, the executive vice president now owns 10,430 shares in the company, valued at $1,098,591.90. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Khandpur K. Ashish sold 9,432 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $99.27, for a total transaction of $936,314.64. Following the completion of the sale, the insider now owns 20,943 shares of the company’s stock, valued at approximately $2,079,011.61. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Institutional Trading of 3M

Hedge funds have recently modified their holdings of the stock. MADDEN SECURITIES Corp acquired a new stake in shares of 3M during the 4th quarter worth about $25,000. Financial Freedom LLC acquired a new stake in 3M in the 4th quarter worth about $25,000. McElhenny Sheffield Capital Management LLC acquired a new stake in 3M in the 4th quarter worth about $69,000. US Asset Management LLC acquired a new stake in 3M in the 4th quarter worth about $27,000. Finally, Piershale Financial Group Inc. acquired a new stake in 3M in the 4th quarter worth about $29,000. Institutional investors and hedge funds own 64.60% of the company’s stock.

3M Company Profile

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3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.