Eaton Vance Management boosted its stake in shares of 3M (NYSE:MMM) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,218,991 shares of the conglomerate’s stock after acquiring an additional 27,010 shares during the quarter. Eaton Vance Management owned about 0.20% of 3M worth $286,914,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of MMM. BlackRock Inc. boosted its holdings in shares of 3M by 1.4% in the fourth quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock valued at $9,139,087,000 after purchasing an additional 521,880 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of 3M by 0.5% in the fourth quarter. Bank of New York Mellon Corp now owns 6,379,814 shares of the conglomerate’s stock valued at $1,501,619,000 after purchasing an additional 28,908 shares during the period. Schwab Charles Investment Management Inc. boosted 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 during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in 3M by 8.6% during 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. Finally, New York State Common Retirement Fund lifted its holdings in 3M by 0.5% during 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. 66.88% of the stock is currently owned by institutional investors.
In related news, CFO Nicholas C. Gangestad sold 1,681 shares of 3M stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of the sale, the chief financial officer now owns 23,562 shares in the company, valued at approximately $5,884,845.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Frank R. Jr. Little sold 3,133 shares of 3M stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $236.85, for a total transaction of $742,051.05. The disclosure for this sale can be found here. Insiders have sold a total of 52,806 shares of company stock valued at $13,162,628 in the last 90 days. Insiders own 0.58% of the company’s stock.
MMM traded down $6.42 during trading on Friday, reaching $212.25. The company’s stock had a trading volume of 2,503,915 shares, compared to its average volume of 2,648,888. 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 has a 1 year low of $188.62 and a 1 year high of $259.77. The firm has a market capitalization of $130,217.98, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 2.03 and a beta of 1.14.
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 business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. The business’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the company posted $1.88 EPS. equities analysts anticipate that 3M will post 10.57 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.36 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.56%. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is currently 59.32%.
MMM has been the subject of several analyst reports. Argus reiterated a “buy” rating on shares of 3M in a report on Friday, December 22nd. Citigroup upped their target price on 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price on the stock in a research report on Wednesday, January 24th. JPMorgan Chase reissued an “underweight” rating and issued a $221.00 target price (up from $208.00) on shares of 3M in a research report on Thursday, January 18th. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $271.00 target price on the stock in a research report on Monday, January 15th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $253.22.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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