John Patrick Banovetz Sells 1,040 Shares of 3M Co (NYSE:MMM) Stock

3M Co (NYSE:MMM) insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

MMM traded down $5.84 on Monday, reaching $164.71. The company’s stock had a trading volume of 2,876,563 shares, compared to its average volume of 2,774,875. The firm has a market cap of $95.99 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09. 3M Co has a 1 year low of $159.32 and a 1 year high of $219.75. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The firm has a 50 day moving average of $172.71.

3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the firm posted $2.59 earnings per share. 3M’s revenue for the quarter was down 2.6% compared to the same quarter last year. Research analysts anticipate that 3M Co will post 9.35 earnings per share for the current year.

MMM has been the subject of several analyst reports. UBS Group decreased their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Morgan Stanley increased their price target on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Royal Bank of Canada set a $179.00 price target on 3M and gave the company a “hold” rating in a report on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a report on Friday, May 17th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price target for the company in a report on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $182.77.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Financial Designs Inc. ADV lifted its holdings in shares of 3M by 202.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 101 shares in the last quarter. Weaver Consulting Group purchased a new stake in shares of 3M in the first quarter valued at $32,000. Cordasco Financial Network lifted its holdings in shares of 3M by 220.0% in the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after purchasing an additional 110 shares in the last quarter. Capital Financial Planning LLC purchased a new stake in shares of 3M in the fourth quarter valued at $34,000. Finally, Arcus Capital Partners LLC purchased a new stake in shares of 3M in the second quarter valued at $35,000. Hedge funds and other institutional investors own 66.98% of the company’s stock.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Insider Buying and Selling by Quarter for 3M (NYSE:MMM)

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