Moreno Evelyn V acquired a new position in 3M Co (NYSE:MMM) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 900 shares of the conglomerate’s stock, valued at approximately $212,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Schwab Charles Investment Management Inc. increased its stake 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 worth $746,391,000 after buying an additional 142,799 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of 3M by 8.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock worth $476,476,000 after buying an additional 159,668 shares during the period. New York State Common Retirement Fund increased its stake in shares of 3M by 0.5% in the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock worth $356,877,000 after buying an additional 8,500 shares during the period. APG Asset Management N.V. increased its stake in shares of 3M by 128.1% in the fourth quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock worth $279,776,000 after buying an additional 801,639 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of 3M by 0.9% in the third quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock worth $236,039,000 after buying an additional 9,617 shares during the period. Hedge funds and other institutional investors own 66.17% of the company’s stock.
Several research analysts recently commented on MMM shares. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. ValuEngine downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Vetr raised shares of 3M from a “hold” rating to a “buy” rating and set a $250.06 price objective on the stock in a research report on Monday, February 5th. Barclays initiated coverage on shares of 3M in a research report on Thursday, February 15th. They set an “underweight” rating and a $235.00 price objective on the stock. Finally, Hilliard Lyons raised shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective on the stock in a research report on Wednesday, January 24th. 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’s stock. The company has a consensus rating of “Hold” and a consensus price target of $254.25.
In related news, Chairman Inge G. Thulin sold 35,236 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total value of $8,849,169.04. Following the transaction, the chairman now owns 253,873 shares in the company, valued at approximately $63,757,665.22. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael F. Roman sold 4,146 shares of the company’s 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 transaction, the executive vice president now owns 16,208 shares in the company, valued at approximately $3,997,703.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,673 shares of company stock worth $12,420,577. Company insiders own 0.58% of the company’s stock.
Shares of 3M Co (NYSE MMM) opened at $237.02 on Friday. 3M Co has a fifty-two week low of $185.71 and a fifty-two week high of $259.77. The company has a market cap of $141,150.00, a price-to-earnings ratio of 25.85, a PEG ratio of 2.16 and a beta of 1.08. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04.
3M (NYSE:MMM) last announced its earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The firm had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter in the previous year, the business posted $1.88 EPS. The company’s quarterly revenue was up 9.0% on a year-over-year basis. sell-side analysts forecast that 3M Co will post 10.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is 59.32%.
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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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