Johnson Financial Group Inc. grew its position in 3M (NYSE:MMM) by 3.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,034 shares of the conglomerate’s stock after purchasing an additional 374 shares during the period. Johnson Financial Group Inc.’s holdings in 3M were worth $3,067,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Lenox Wealth Advisors Inc. boosted its holdings in shares of 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 489 shares in the last quarter. Horan Capital Management bought a new position in shares of 3M in the fourth quarter valued at approximately $123,000. Sawyer & Company Inc bought a new position in shares of 3M in the fourth quarter valued at approximately $138,000. Field & Main Bank bought a new position in shares of 3M in the fourth quarter valued at approximately $140,000. Finally, Global Trust Asset Management LLC bought a new position in shares of 3M in the fourth quarter valued at approximately $189,000. Hedge funds and other institutional investors own 66.88% of the company’s stock.
In related news, Chairman Inge G. Thulin sold 35,236 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chairman now owns 253,873 shares in the company, valued at approximately $63,757,665.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Frank R. Jr. Little sold 3,133 shares of the company’s 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. In the last 90 days, insiders sold 52,806 shares of company stock valued at $13,162,628. 0.58% of the stock is owned by insiders.
MMM stock traded down $6.42 on Friday, hitting $212.25. 2,503,915 shares of the company’s stock traded hands, compared to its average volume of 2,648,888. 3M has a 1-year low of $188.62 and a 1-year high of $259.77. The firm has a market cap of $130,217.98, a PE ratio of 23.15, a P/E/G ratio of 2.03 and a beta of 1.14. 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 EPS for the quarter, beating the consensus estimate of $2.03 by $0.07. The business had revenue of $7.99 billion during 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 quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 earnings per share. sell-side analysts expect that 3M will post 10.57 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were given a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio is 59.32%.
Several research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a report on Tuesday, January 30th. Royal Bank of Canada reiterated a “hold” rating and issued a $254.00 price objective on shares of 3M in a report on Thursday, January 25th. JPMorgan Chase reiterated an “underweight” rating and issued a $221.00 price objective (up from $208.00) on shares of 3M in a report on Thursday, January 18th. UBS assumed coverage on shares of 3M in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 price objective for the company. Finally, Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective for the company in a report on Wednesday, January 24th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price 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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