Salem Investment Counselors Inc. decreased its position in 3M (NYSE:MMM) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,181 shares of the conglomerate’s stock after selling 290 shares during the quarter. 3M comprises approximately 2.5% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 9th biggest position. Salem Investment Counselors Inc.’s holdings in 3M were worth $23,109,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its stake 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 buying an additional 521,880 shares during the period. Geode Capital Management LLC boosted its stake in shares of 3M by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 6,901,534 shares of the conglomerate’s stock valued at $1,621,309,000 after buying an additional 332,651 shares during the period. Bank of New York Mellon Corp boosted its stake 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 buying an additional 28,908 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of 3M by 7.4% in the fourth quarter. TIAA CREF Investment Management LLC now owns 4,591,067 shares of the conglomerate’s stock valued at $1,080,599,000 after buying an additional 318,088 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted 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 valued at $746,391,000 after buying an additional 142,799 shares during the period. 66.88% of the stock is currently owned by institutional investors.
In other news, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction on 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 completion of the transaction, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Frank R. Jr. Little sold 3,133 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $236.85, for a total value of $742,051.05. The disclosure for this sale can be found here. Insiders sold a total of 52,806 shares of company stock valued at $13,162,628 over the last quarter. 0.58% of the stock is owned by corporate insiders.
Several equities research analysts recently issued reports on MMM shares. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Barclays cut their price target on 3M from $235.00 to $230.00 and set an “underweight” rating for the company in a research note on Monday, March 26th. Vetr upgraded 3M from a “hold” rating to a “buy” rating and set a $250.06 price target for the company in a research note on Monday, February 5th. Royal Bank of Canada reiterated a “hold” rating and issued a $254.00 price target on shares of 3M in a research note on Thursday, January 25th. Finally, Hilliard Lyons upgraded 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target for the company in a research note on Wednesday, January 24th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $253.22.
NYSE MMM opened at $212.25 on Friday. 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 fifty-two week low of $188.62 and a fifty-two week high of $259.77. The firm has a market cap of $129,556.98, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 2.02 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 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 firm had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. During the same period in the prior year, the company earned $1.88 earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis. analysts predict that 3M will post 10.57 EPS 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 paid a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.56%. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is presently 59.32%.
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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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