State of Tennessee Treasury Department raised its position in 3M (NYSE:MMM) by 19.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 497,892 shares of the conglomerate’s stock after purchasing an additional 81,218 shares during the period. State of Tennessee Treasury Department owned 0.08% of 3M worth $117,189,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. Lenox Wealth Advisors Inc. boosted its stake in 3M by 16,300.0% during the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $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 worth approximately $123,000. Sawyer & Company Inc bought a new position in shares of 3M in the fourth quarter worth approximately $138,000. Field & Main Bank bought a new position in shares of 3M in the fourth quarter worth approximately $140,000. Finally, Mascoma Wealth Management LLC lifted its stake in shares of 3M by 87.5% in the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after buying an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 66.88% of the company’s stock.
In other news, EVP Michael F. Roman sold 4,146 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the transaction, the executive vice president now owns 16,208 shares of the company’s stock, valued at approximately $3,997,703.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Frank R. Jr. Little sold 3,133 shares of the company’s stock in a transaction dated 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 three months, 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 during trading on Friday, reaching $212.25. The company had a trading volume of 2,503,665 shares, compared to its average volume of 2,695,164. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04. 3M has a twelve month low of $188.62 and a twelve month high of $259.77. The stock has a market capitalization of $129,556.98, a PE ratio of 23.15, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14.
3M (NYSE:MMM) last posted its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.07. The firm 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 previous year, the firm earned $1.88 EPS. equities research analysts expect that 3M will post 10.57 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were issued a $1.36 dividend. This represents a $5.44 annualized dividend and a yield of 2.56%. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is presently 59.32%.
Several research analysts have recently weighed in on the stock. Stifel Nicolaus reissued a “hold” rating and set a $225.00 price objective (down from $251.00) on shares of 3M in a report on Monday. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Barclays dropped their price target on shares of 3M from $235.00 to $230.00 and set an “underweight” rating for the company in a research report on Monday, March 26th. Citigroup set a $284.00 target price on shares of 3M and gave the stock a “buy” rating in a research report on Saturday, March 24th. Finally, ValuEngine lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, March 23rd. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus 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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