A company insider recently sold 5,703 shares of 3M Company [MMM]. Should You Sale?


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. 3M Company shares valued at $720,842 were sold by Rhodes Kevin H on Oct 28. At $126.40 per share, Rhodes Kevin H sold 5,703 shares. The insider’s holdings dropped to 2,033 shares worth approximately $0.22 million following the completion of this transaction.

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Also, Chavez Rodriguez Beatriz Karin sold 1,071 shares, netting a total of over 135,246 in proceeds. Following the sale of shares at $126.28 each, the insider now holds 3,313 shares.

Before that, Hammes Eric D. had sold 3,145 shares from its account. In a trade valued at $463,294, the EVP & Chief Count Gov Svc Off traded 3M Company shares for $147.31 each. Upon closing the transaction, the insider’s holdings decreased to 3,145 shares, worth approximately $0.97 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 12.78% 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 Stock Performance

On Thursday, 3M Company [NYSE: MMM] plunged -0.28% to $109.90. The stock’s lowest price that day was $107.715, but it reached a high of $110.24 in the same session. During the last five days, there has been a surge of approximately 0.91%. Over the course of the year, 3M Company shares have dropped approximately -8.36%. Shares of the company reached a 52-week high of $129.90 on 01/17/23 and a 52-week low of $106.76 on 02/24/23. A 50-day SMA is recorded $117.84, while a 200-day SMA reached $126.92. Nevertheless, trading volume fell to 7.59 million shares from 4.91 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 108.33, which, if violated, would cause prices to drop to 106.76. In the upper region, resistance lies at 110.86. The next price resistance is at 111.81. RSI (Relative Strength Index) is 40.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.73, which suggests the price will decrease in the coming days. Percent R is at 64.57%, indicating low price movement. Stochastics %K at holding 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 Jan 12, 2023 dropping by -0.13 million shares to 13.23 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 13.36 million shares. A decline of -0.98% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.98 of the overall float, the days-to-cover ratio (short ratio) decline to 4.98.

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

According to The Vanguard Group, Inc. filings, the company currently owns 44,608,029 shares, which is about 8.07% of the total MMM shares outstanding. The investor’s shares have appreciated by 471,625 from its previous 13-F filing of 44136404.0 shares. With the completion of the buy transaction, SSgA Funds Management, Inc.’s stake is now worth $3,840,426,629. BlackRock Fund Advisors reduced a -3.70% interest valued at $3.24 billion while Charles Schwab Investment Managem purchased a 1,116,821 stake. A total of 508,283 shares of 3M Company were bought by Geode Capital Management LLC during the quarter, and 0 by State Farm Investment Management. In its current portfolio, Newport Trust Co. holds 8,974,599 shares valued at $1.03 billion.

In terms of 3M Company share price expectations, FactSet research, analysts set an average price target of $120.34 in the next 12 months, up nearly 7.07% from the previous closing price of $110.21. Analysts anticipate 3M Company stock to reach $197.00 by 2023, with the lowest price target being $105.00. In spite of this, 22 analysts ranked 3M Company stock as a Hold at the end of 2023. 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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