Nicholas C. Gangestad Sells 4,681 Shares of 3M Co (MMM) Stock

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3M Co (NYSE:MMM) CFO Nicholas C. Gangestad sold 4,681 shares of 3M stock in a transaction dated Thursday, February 7th. The stock was sold at an average price of $201.34, for a total value of $942,472.54. Following the completion of the transaction, the chief financial officer now directly owns 33,691 shares in the company, valued at approximately $6,783,345.94. The sale was disclosed in a document filed with the SEC, which is available at this link.

Shares of 3M stock opened at $209.72 on Thursday. The stock has a market cap of $115.06 billion, a PE ratio of 20.05, a PEG ratio of 1.84 and a beta of 1.06. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.89 and a quick ratio of 1.29. 3M Co has a 52-week low of $176.87 and a 52-week high of $244.86.

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

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Friday, February 15th will be issued a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 2.75%. This is a positive change from 3M’s previous quarterly dividend of $1.36. The ex-dividend date is Thursday, February 14th. 3M’s payout ratio is currently 52.01%.

3M announced that its Board of Directors has initiated a stock buyback plan on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Several institutional investors have recently made changes to their positions in MMM. Penserra Capital Management LLC acquired a new stake in 3M in the 4th quarter worth approximately $35,000. Intercontinental Wealth Advisors LLC acquired a new stake in 3M in the 4th quarter worth approximately $38,000. Essex Investment Management Co. LLC acquired a new stake in 3M in the 4th quarter worth approximately $39,000. Westside Investment Management Inc. lifted its holdings in 3M by 96.2% in the 4th quarter. Westside Investment Management Inc. now owns 255 shares of the conglomerate’s stock worth $49,000 after purchasing an additional 125 shares during the last quarter. Finally, Financial Gravity Companies Inc. acquired a new stake in 3M in the 4th quarter worth approximately $72,000. Institutional investors and hedge funds own 70.67% of the company’s stock.

MMM has been the topic of a number of analyst reports. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Thursday, December 13th. Barclays dropped their price target on 3M from $190.00 to $189.00 and set an “underweight” rating on the stock in a research note on Thursday, January 3rd. Deutsche Bank lifted their price target on 3M from $206.00 to $210.00 and gave the stock a “hold” rating in a research note on Friday, November 16th. Credit Suisse Group dropped their price target on 3M from $228.00 to $222.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 24th. Finally, Royal Bank of Canada decreased their price objective on 3M to $223.00 and set an “outperform” rating for the company in a research report on Wednesday, October 24th. Three research 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 company’s stock. The company currently has an average rating of “Hold” and an average price target of $214.57.

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About 3M

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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