Today’s Price Action: Traders Are Bearish 3M Co After Today’s Gap Down

Today's Price Action: Traders Are Bearish 3M Co After Today's Gap Down

The stock of 3M Co (NYSE:MMM) gapped down by $0.14 today and has $166.29 target or 5.00% below today’s $175.04 share price. The 5 months technical chart setup indicates high risk for the $106.31B company. The gap down was reported on Oct, 4 by Barchart.com. If the $166.29 price target is reached, the company will be worth $5.32 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 0.68% or $1.19 during the last trading session, hitting $175.04. About 1.79 million shares traded hands or 9.82% up from the average. 3M Co (NYSE:MMM) has risen 9.68% since March 1, 2016 and is uptrending. It has underperformed by 2.53% the S&P500.

Analysts await 3M Co (NYSE:MMM) to report earnings on October, 27. They expect $2.14 EPS, up 4.39% or $0.09 from last year’s $2.05 per share. MMM’s profit will be $1.30B for 20.45 P/E if the $2.14 EPS becomes a reality. After $2.08 actual EPS reported by 3M Co for the previous quarter, Wall Street now forecasts 2.88% EPS growth.

3M Co (NYSE:MMM) Ratings Coverage

Out of 10 analysts covering 3M (NYSE:MMM), 4 rate it a “Buy”, 2 “Sell”, while 4 “Hold”. This means 40% are positive. 3M has been the topic of 28 analyst reports since July 24, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Wednesday, March 30 by UBS. RBC Capital Markets maintained the stock with “Underperform” rating in Friday, July 24 report. Citigroup maintained 3M Co (NYSE:MMM) on Tuesday, April 19 with “Buy” rating. The rating was maintained by Bernstein with “Market Perform” on Wednesday, March 30. As per Wednesday, December 16, the company rating was maintained by RBC Capital Markets. The rating was maintained by Morgan Stanley with “Underweight” on Wednesday, March 30. The firm has “Buy” rating given on Tuesday, April 12 by Jefferies. The company was maintained on Friday, October 23 by RBC Capital Markets. The stock of 3M Co (NYSE:MMM) has “Buy” rating given on Wednesday, December 16 by UBS. The company was upgraded on Friday, September 25 by Credit Suisse.

According to Zacks Investment Research, “3M Company is a diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. They are an integrated enterprise characterized by substantial intercompany cooperation in research, manufacturing and marketing of products.”

Insitutional Activity: The institutional sentiment decreased to 0.78 in 2016 Q2. Its down 0.18, from 0.96 in 2016Q1. The ratio turned negative, as 60 funds sold all 3M Co shares owned while 594 reduced positions. 48 funds bought stakes while 464 increased positions. They now own 386.81 million shares or 1.17% less from 391.41 million shares in 2016Q1.
10 last reported 0.06% of its portfolio in the stock. Ledyard Bank last reported 0.36% of its portfolio in the stock. The Maine-based Vigilant Mgmt Limited Liability has invested 0.03% in 3M Co (NYSE:MMM). Assetmark Incorporated holds 1,173 shares or 0% of its portfolio. Morgan Stanley accumulated 3.58M shares or 0.23% of the stock. Foyston Gordon And Payne accumulated 4,554 shares or 0.15% of the stock. Sg Americas owns 218,161 shares or 0.27% of their US portfolio. Horizon Kinetics Limited Com holds 1,846 shares or 0.01% of its portfolio. The Massachusetts-based Putnam Ltd Company has invested 0.01% in 3M Co (NYSE:MMM). Westfield Cap Lp accumulated 0.01% or 9,350 shares. Sumitomo Life Insur has 0.64% invested in the company for 26,729 shares. Lee Danner Bass accumulated 12,400 shares or 0.26% of the stock. Cue Finance Grp Inc holds 0.52% of its portfolio in 3M Co (NYSE:MMM) for 3,436 shares. Moreover, Guardian Capital Lp has 1.55% invested in 3M Co (NYSE:MMM) for 48,810 shares. Bahl And Gaynor holds 1.11 million shares or 2.51% of its portfolio.

Insider Transactions: Since April 19, 2016, the stock had 0 insider buys, and 13 insider sales for $25.65 million net activity. $1.80 million worth of 3M Co (NYSE:MMM) was sold by Singh Jesse G. $1.62M worth of 3M Co (NYSE:MMM) was sold by Bauman James L. $255,000 worth of shares were sold by Roman Michael F on Tuesday, April 19. Little Frank R Jr. had sold 3,778 shares worth $674,198 on Friday, July 29. THULIN INGE G also sold $2.37M worth of 3M Co (NYSE:MMM) on Wednesday, May 11. Keel Paul A sold $567,284 worth of stock. Delgado Joaquin sold $3.00M worth of stock.

More important recent 3M Co (NYSE:MMM) news were published by: Profitconfidential.com which released: “3M Co: MMM Stock is Simply Ready to Fly” on September 30, 2016, also Investorplace.com published article titled: “3M Co (MMM) Stock: Should You Buy the Dow?”, Startribune.com published: “3M sells protective films business, buys medical coding technology company” on September 08, 2016. More interesting news about 3M Co (NYSE:MMM) was released by: Benzinga.com and their article: “Here’s Why Ford Just Hired A 3M Co Exec” with publication date: September 29, 2016.

MMM Company Profile

3M Company (3M), incorporated on June 25, 1929, is a technology company. The Firm operates through five divisions: Industrial, Safety and Graphics, Health Care; Electronics and Energy, and Consumer. 3M products are sold through various distribution channels, including directly to users and through wholesalers, retailers, jobbers, distributors and dealers in a range of trades in various countries around the world. The Firm operates over 90 manufacturing facilities in approximately 30 states. The Firm operates over 130 manufacturing and converting facilities in approximately 40 countries outside the United States.

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