Short Interest in 3M Co (NYSE:MMM) Decreases By 5.9%

3M Co (NYSE:MMM) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 8,130,000 shares, a drop of 5.9% from the August 15th total of 8,640,000 shares. Based on an average daily volume of 2,760,000 shares, the short-interest ratio is currently 2.9 days. Currently, 1.4% of the company’s shares are sold short.

Shares of NYSE:MMM traded down $0.13 during mid-day trading on Monday, hitting $164.40. 2,418,891 shares of the company traded hands, compared to its average volume of 2,770,363. The stock has a market cap of $94.25 billion, a P/E ratio of 15.72, a P/E/G ratio of 1.85 and a beta of 1.11. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. 3M has a 12-month low of $154.00 and a 12-month high of $219.75. The stock has a 50-day moving average price of $163.19 and a two-hundred day moving average price of $179.12.

3M (NYSE:MMM) last announced its earnings results 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. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. 3M’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.59 earnings per share. As a group, analysts expect that 3M will post 9.32 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were given a dividend of $1.44 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $5.76 annualized dividend and a dividend yield of 3.50%. 3M’s payout ratio is 55.07%.

A number of equities research analysts have commented on the company. UBS Group reduced their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Barclays reissued a “sell” rating and issued a $162.00 price objective on shares of 3M in a research note on Thursday, June 6th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective for the company in a research note on Monday, July 29th. Morgan Stanley reduced their price objective on 3M from $177.00 to $173.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. reduced their price objective on 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $182.23.

In related news, insider John Patrick Banovetz sold 1,040 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the sale, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.83% of the company’s stock.

A number of institutional investors have recently modified their holdings of MMM. Kempen Capital Management N.V. bought a new stake in shares of 3M in the second quarter valued at $25,000. Creative Financial Designs Inc. ADV raised its stake 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 buying an additional 101 shares during the period. Weaver Consulting Group bought a new stake in shares of 3M during the 1st quarter valued at $32,000. Arcus Capital Partners LLC bought a new stake in shares of 3M during the 2nd quarter valued at $35,000. Finally, SRS Capital Advisors Inc. bought a new stake in shares of 3M during the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 66.77% of the company’s stock.

3M Company Profile

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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