3M Co (NYSE:MMM) saw a large growth in short interest in November. As of November 29th, there was short interest totalling 10,240,000 shares, a growth of 7.0% from the November 14th total of 9,570,000 shares. Based on an average daily trading volume, of 2,720,000 shares, the days-to-cover ratio is presently 3.8 days. Approximately 1.8% of the shares of the stock are sold short.
MMM traded up $0.23 during trading on Friday, reaching $168.79. 2,075,053 shares of the company’s stock were exchanged, compared to its average volume of 2,330,980. 3M has a one year low of $150.58 and a one year high of $219.75. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $97.03 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.96 and a beta of 1.09. The firm has a fifty day moving average price of $169.51 and a two-hundred day moving average price of $166.91.
3M (NYSE:MMM) last posted its earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.09. 3M had a net margin of 15.48% and a return on equity of 54.02%. The firm had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same period in the previous year, the firm posted $2.58 EPS. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. Sell-side analysts expect that 3M will post 9.05 earnings per share for the current year.
A number of equities analysts recently issued reports on the stock. Barclays lowered their price objective on shares of 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a research report on Thursday, October 3rd. JPMorgan Chase & Co. upped their price objective on shares of 3M from $140.00 to $143.00 and gave the stock an “underweight” rating in a research report on Thursday, October 10th. Citigroup cut shares of 3M from a “buy” rating to a “neutral” rating and set a $180.00 price objective for the company. in a research report on Monday, December 9th. Deutsche Bank upped their price objective on shares of 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $179.00 price objective for the company in a research report on Tuesday. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $173.50.
In related news, EVP Khandpur K. Ashish sold 3,362 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $174.20, for a total transaction of $585,660.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Julie L. Bushman sold 6,879 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $165.09, for a total transaction of $1,135,654.11. Insiders sold a total of 13,216 shares of company stock valued at $2,233,940 over the last 90 days. Corporate insiders own 0.83% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of MMM. Resources Management Corp CT ADV bought a new stake in shares of 3M in the 3rd quarter valued at $461,000. Institutional & Family Asset Management LLC boosted its stake in shares of 3M by 5.1% in the 3rd quarter. Institutional & Family Asset Management LLC now owns 20,644 shares of the conglomerate’s stock valued at $3,394,000 after purchasing an additional 995 shares during the last quarter. Maverick Capital Ltd. bought a new stake in shares of 3M in the 3rd quarter valued at $2,100,000. Prestige Wealth Management Group LLC boosted its stake in shares of 3M by 73.5% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 236 shares of the conglomerate’s stock valued at $39,000 after purchasing an additional 100 shares during the last quarter. Finally, Cleararc Capital Inc. boosted its stake in shares of 3M by 1.0% in the 3rd quarter. Cleararc Capital Inc. now owns 8,679 shares of the conglomerate’s stock valued at $1,427,000 after purchasing an additional 82 shares during the last quarter. 66.55% of the stock is currently owned by hedge funds and other institutional investors.
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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