3M Company [NYSE: MMM] surged by $4.63 during the normal trading session on Thursday and reaching a high of $148.33 during the day while it closed the day at $148.12. The company report on August 4, 2022 that 3M Commences Split-Off Exchange Offer for Food Safety Business.
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3M Company (“3M”) (NYSE: MMM) announced today the commencement of an exchange offer to effect the separation of its food safety business (the “Food Safety Business”), in furtherance of the previously announced Reverse Morris Trust transaction with Neogen Corporation (“Neogen”) (NASDAQ: NEOG) through the merger of Garden SpinCo Corporation (“SpinCo”), currently a wholly-owned subsidiary of 3M formed to hold the Food Safety Business, with a subsidiary of Neogen (the “Merger”).
3M Company stock has also gained 5.52% of its value over the past 7 days. However, MMM stock has declined by -3.96% in the 3 months of the year. Over the past six months meanwhile, it has lost -11.12% and lost -16.61% year-on date.
The market cap for MMM stock reached $81.79 billion, with 571.00 million shares outstanding and 569.12 million shares in the current float. Compared to the average trading volume of 3.09M shares, MMM reached a trading volume of 5902508 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about 3M Company [MMM]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MMM shares is $146.02 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MMM stock is a recommendation set at 3.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wells Fargo have made an estimate for 3M Company shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on July 27, 2022. While these analysts kept the previous recommendation, Morgan Stanley raised their target price from $126 to $131. The new note on the price target was released on July 27, 2022, representing the official price target for 3M Company stock. Previously, the target price had yet another raise from $130 to $140, while Mizuho kept a Neutral rating on MMM stock. On July 27, 2022, analysts increased their price target for MMM shares from 146 to 148.
The Average True Range (ATR) for 3M Company is set at 3.08, with the Price to Sales ratio for MMM stock in the period of the last 12 months amounting to 2.33. The Price to Book ratio for the last quarter was 6.15, with the Price to Cash per share for the same quarter was set at 5.40. Price to Free Cash Flow for MMM in the course of the last twelve months was 90.28 with Quick ratio for the last quarter at 0.90.
MMM stock trade performance evaluation
3M Company [MMM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.52. With this latest performance, MMM shares gained by 14.08% in over the last four-week period, additionally sinking by -11.12% over the last 6 months – not to mention a drop of -25.01% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MMM stock in for the last two-week period is set at 73.07, with the RSI for the last a single of trading hit 79.97, and the three-weeks RSI is set at 66.38 for 3M Company [MMM]. The present Moving Average for the last 50 days of trading for this stock 136.81, while it was recorded at 143.99 for the last single week of trading, and 156.59 for the last 200 days.
3M Company [MMM]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and 3M Company [MMM] shares currently have an operating margin of +21.29 and a Gross Margin at +46.99. 3M Company’s Net Margin is presently recorded at +16.75.
Return on Equity for this stock inclined to 42.42, with Return on Assets sitting at 12.54.
3M Company’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.50.
Earnings per share (EPS) analysis for 3M Company [MMM] stock
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MMM. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for 3M Company go to 0.40%.
3M Company [MMM]: Insider Ownership positions
There are presently around $55,846 million, or 67.50% of MMM stock, in the hands of institutional investors. The top three institutional holders of MMM stocks are: VANGUARD GROUP INC with ownership of 47,299,775, which is approximately -5.854% of the company’s market cap and around 0.08% of the total institutional ownership; BLACKROCK INC., holding 42,996,030 shares of the stock with an approximate value of $6.37 billion in MMM stocks shares; and STATE STREET CORP, currently with $4.83 billion in MMM stock with ownership of nearly 5.199% of the company’s market capitalization.
Positions in 3M Company stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 1,010 institutional holders increased their position in 3M Company [NYSE:MMM] by around 21,036,631 shares. Additionally, 1,098 investors decreased positions by around 27,331,831 shares, while 301 investors held positions by with 328,662,873 shares. The mentioned changes placed institutional holdings at 377,031,335 shares, according to the latest SEC report filing. MMM stock had 133 new institutional investments in for a total of 2,086,035 shares, while 180 institutional investors sold positions of 3,653,287 shares during the same period.