3M Company [MMM] stock for 463,294 USD was sold by Hammes Eric D.

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 3M Company shares valued at $463,294 were sold by Hammes Eric D. on Aug 17. At $147.31 per share, Hammes Eric D. sold 3,145 shares. The insider’s holdings dropped to 8,818 shares worth approximately $1.01 million following the completion of this transaction.

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Also, Banovetz John Patrick sold 3,145 shares, netting a total of over 472,764 in proceeds. Following the sale of shares at $150.32 each, the insider now holds 14,084 shares.

Before that, Dickson Zoe L had sold 2,265 shares from its account. In a trade valued at $327,070, the EVP & Chief HR Officer traded 3M Company shares for $144.40 each. Upon closing the transaction, the insider’s holdings decreased to 2,265 shares, worth approximately $0.1 million.

As published in a research note from UBS on September 09, 2022, 3M Company [MMM] has been rated up from a Sell to a Neutral and the price target has been revised to $126. This represents a 9.41% premium over Thursday’s closing price. As of July 27, 2022, Wells Fargo has reiterated its “an Equal weight” rating for MMM. Earlier on July 27, 2022, Morgan Stanley resumed its rating. Their recommendation was “an Underweight” for MMM stock.

Analyzing MMM’s Price Performance

On Thursday, 3M Company [NYSE: MMM] plunged -0.58% to $114.14. The stock’s lowest price that day was $113.43, but it reached a high of $115.05 in the same session. During the last five days, there has been a drop of approximately -1.96%. Over the course of the year, 3M Company shares have dropped approximately -35.74%. Shares of the company reached a 52-week high of $181.78 on 01/05/22 and a 52-week low of $113.43 on 09/22/22. A 50-day SMA is recorded $133.74, while a 200-day SMA reached $148.54. Nevertheless, trading volume fell to 3.65 million shares from 3.74 million shares the previous day.

Support And Resistance Levels for 3M Company (MMM)

According to the 24-hour chart, there is a support level at 113.36, which, if violated, would cause prices to drop to 112.59. In the upper region, resistance lies at 114.98. The next price resistance is at 115.83. RSI (Relative Strength Index) is 28.21 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.31, which suggests the price will decrease in the coming days. Percent R is at 94.58%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is 3M Company subject to short interest?

Stocks of 3M Company saw a sharp steep in short interest on Jul 14, 2022 dropping by -1.35 million shares to 7.77 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 9.12 million shares. A decline of -17.37% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.44 of the overall float, the days-to-cover ratio (short ratio) decline to 2.44.

Which companies own the most shares of 3M Company (MMM)?

According to The Vanguard Group, Inc. filings, the company currently owns 45,601,779 shares, which is about 8.01% of the total MMM shares outstanding. The investor’s shares have appreciated by 558,579 from its previous 13-F filing of 45043200.0 shares. With the completion of the buy transaction, SSgA Funds Management, Inc.’s stake is now worth $4,064,444,785. BlackRock Fund Advisors acquire a 1.24% interest valued at $3.63 billion while Charles Schwab Investment Managem purchased a 669,467 stake. A total of -728,997 shares of 3M Company were bought by Geode Capital Management LLC during the quarter, and -151,354 were sold by Newport Trust Co.. In its current portfolio, State Farm Investment Management holds 9,557,100 shares valued at $1.19 billion.

In terms of 3M Company share price expectations, FactSet research, analysts set an average price target of $142.37 in the next 12 months, up nearly 21.94% from the previous closing price of $114.81. Analysts anticipate 3M Company stock to reach $210.00 by 2022, with the lowest price target being $120.00. In spite of this, 23 analysts ranked 3M Company stock as a Hold at the end of 2022. On July 27, 2022, Mizuho assigned a price target of “a Neutral” to the stock and reiterated coverage with a $140.


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