McCollum Christoferson Group LLC bought a new position in shares of 3M Co (NYSE:MMM) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 32,658 shares of the conglomerate’s stock, valued at approximately $7,687,000. 3M accounts for about 3.2% of McCollum Christoferson Group LLC’s investment portfolio, making the stock its 2nd largest position.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. Heritage Way Advisors LLC grew its stake in 3M by 97.0% in the fourth quarter. Heritage Way Advisors LLC now owns 23,038 shares of the conglomerate’s stock valued at $5,422,000 after acquiring an additional 11,344 shares during the period. BKD Wealth Advisors LLC lifted its holdings in shares of 3M by 2.0% in the fourth quarter. BKD Wealth Advisors LLC now owns 18,674 shares of the conglomerate’s stock valued at $4,395,000 after purchasing an additional 360 shares in the last quarter. Smithbridge Asset Management Inc. DE lifted its holdings in shares of 3M by 10.7% in the fourth quarter. Smithbridge Asset Management Inc. DE now owns 12,410 shares of the conglomerate’s stock valued at $2,921,000 after purchasing an additional 1,197 shares in the last quarter. Alpha Windward LLC lifted its holdings in shares of 3M by 16.5% in the fourth quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock valued at $339,000 after purchasing an additional 204 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of 3M by 4.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares in the last quarter. 66.09% of the stock is owned by institutional investors and hedge funds.
3M Co (NYSE MMM) opened at $229.19 on Tuesday. The firm has a market capitalization of $136,510.00, a price-to-earnings ratio of 28.90, a PEG ratio of 2.09 and a beta of 1.08. 3M Co has a 52-week low of $178.19 and a 52-week high of $259.77. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. During the same period in the previous year, the business earned $1.88 earnings per share. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. analysts anticipate that 3M Co will post 10.6 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be given a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.37%. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s payout ratio is presently 59.27%.
In other 3M news, EVP Michael F. Roman sold 4,146 shares of 3M stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the completion of the sale, the executive vice president now owns 16,208 shares of the company’s stock, valued at $3,997,703.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Inge G. Thulin sold 35,236 shares of 3M stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the sale, the chairman now directly owns 253,873 shares of the company’s stock, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,673 shares of company stock valued at $12,420,577. 0.58% of the stock is owned by company insiders.
MMM has been the topic of a number of recent research reports. Goldman Sachs Group upgraded 3M from a “sell” rating to a “neutral” rating and raised their target price for the company from $194.00 to $229.00 in a report on Wednesday, October 25th. Stifel Nicolaus lifted their price target on 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a report on Wednesday, October 25th. Royal Bank of Canada lifted their price target on 3M from $205.00 to $209.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 25th. Argus raised their target price on 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. They noted that the move was a valuation call. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $260.00 target price (up from $238.00) on shares of 3M in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $249.93.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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