Media stories about 3M (NYSE:MMM) have trended somewhat positive on Thursday, InfoTrie Sentiment reports. The research group scores the sentiment of press coverage by reviewing more than 6,000 blog and news sources in real-time. The firm ranks coverage of public companies on a scale of -5 to 5, with scores closest to five being the most favorable. 3M earned a coverage optimism score of 1.50 on their scale. InfoTrie also assigned news headlines about the conglomerate an news buzz score of 10 out of 10, indicating that recent press coverage is extremely likely to have an effect on the company’s share price in the next several days.
Here are some of the media stories that may have impacted 3M’s score:
Russia’s Gazprom Neft sticking with plan to raise oil output in 2019 (feeds.reuters.com)
FOCUS-Waymo unveils self-driving taxi service in Arizona for paying customers (feeds.reuters.com)
3M: Every new product must meet a sustainability goal (startribune.com)
3M Announces Formal Requirement at COP24 for All New Products to Include Sustainability Value (finance.yahoo.com)
Trump mocks Macron again over French fuel tax protests (feeds.reuters.com)
Shares of MMM stock opened at $202.20 on Thursday. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. 3M has a twelve month low of $181.98 and a twelve month high of $259.77. The company has a market capitalization of $121.07 billion, a P/E ratio of 22.05, a P/E/G ratio of 2.06 and a beta of 1.18.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The company had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. During the same period in the previous year, the business posted $2.33 earnings per share. The firm’s revenue was down .2% on a year-over-year basis. On average, research analysts forecast that 3M will post 9.95 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be paid a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s payout ratio is 59.32%.
3M declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to purchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
A number of equities research analysts have recently weighed in on MMM shares. Morgan Stanley started coverage on 3M in a research note on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target for the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. UBS Group raised their price target on 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, August 30th. Deutsche Bank raised their price target on 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research note on Friday, September 28th. Finally, Gordon Haskett started coverage on 3M in a research note on Friday, October 12th. They set a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $225.16.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gregory R. Page purchased 1,000 shares of the company’s stock in a transaction on Friday, October 26th. The stock was acquired at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by company insiders.
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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