Sadoff Investment Management LLC purchased a new stake in shares of 3M Co (NYSE:MMM) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 859 shares of the conglomerate’s stock, valued at approximately $202,000.
Several other institutional investors and hedge funds have also modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of 3M by 8.6% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock valued at $476,476,000 after acquiring an additional 159,668 shares during the last quarter. Hedeker Wealth LLC boosted its position in shares of 3M by 5.1% during the 4th quarter. Hedeker Wealth LLC now owns 16,948 shares of the conglomerate’s stock valued at $3,989,000 after acquiring an additional 825 shares during the last quarter. Aries Wealth Management bought a new stake in shares of 3M during the 4th quarter valued at about $2,094,000. Cypress Wealth Services LLC bought a new stake in shares of 3M during the 4th quarter valued at about $267,000. Finally, Milestone Group Inc. bought a new stake in shares of 3M during the 4th quarter valued at about $209,000. Hedge funds and other institutional investors own 66.17% of the company’s stock.
Shares of 3M Co (NYSE MMM) opened at $232.18 on Thursday. The firm has a market capitalization of $139,984.19, a P/E ratio of 25.64, a P/E/G ratio of 2.18 and a beta of 1.08. 3M Co has a 12-month low of $183.08 and a 12-month 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 released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. The company had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. 3M’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS. analysts expect that 3M Co will post 10.59 earnings per share for the current fiscal year.
The company 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 $1.36 dividend. This is an increase from 3M’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a yield of 2.34%. 3M’s payout ratio is presently 68.69%.
A number of analysts have recently issued reports on the company. Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Barclays assumed coverage on 3M in a research report on Thursday, February 15th. They set an “underweight” rating and a $235.00 price target for the company. Stifel Nicolaus lifted their price target on 3M from $220.00 to $244.00 and gave the company a “hold” rating in a research report on Wednesday, October 25th. Goldman Sachs Group reiterated a “sell” rating on shares of 3M in a research report on Thursday, October 26th. Finally, Citigroup lifted their price target on 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. 3M has a consensus rating of “Hold” and an average target price of $254.25.
In other 3M news, VP Ippocratis Vrohidis sold 225 shares of 3M stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.68, for a total value of $56,178.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael F. Roman sold 4,146 shares of 3M stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $246.65, for a total value of $1,022,610.90. Following the completion of the transaction, the executive vice president now directly owns 16,208 shares in the company, valued at $3,997,703.20. The disclosure for this sale can be found here. Insiders sold a total of 49,673 shares of company stock valued at $12,420,577 in the last 90 days. 0.58% of the stock is currently owned by corporate insiders.
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3M Company Profile
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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