CNB Bank acquired a new position in 3M (NYSE:MMM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,673 shares of the conglomerate’s stock, valued at approximately $394,000.
Other hedge funds have also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of 3M by 4.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 393,294 shares of the conglomerate’s stock worth $92,570,000 after buying an additional 15,626 shares during the period. Stony Point Wealth Management Inc. acquired a new position in shares of 3M during the 4th quarter worth about $885,000. Sawtooth Solutions LLC grew its position in shares of 3M by 189.4% during the 4th quarter. Sawtooth Solutions LLC now owns 3,398 shares of the conglomerate’s stock worth $800,000 after buying an additional 2,224 shares during the period. We Are One Seven LLC acquired a new position in shares of 3M during the 4th quarter worth about $770,000. Finally, Woodard & Co. Asset Management Group Inc. ADV acquired a new position in shares of 3M during the 4th quarter worth about $849,000. Hedge funds and other institutional investors own 66.88% of the company’s stock.
Shares of 3M stock opened at $212.25 on Friday. 3M has a 12-month low of $188.62 and a 12-month high of $259.77. The company 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 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 quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The business’s revenue was up 9.0% compared to the same quarter last year. equities analysts expect that 3M will post 10.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were paid 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 a boost from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio is currently 59.32%.
Several equities analysts have recently issued reports on MMM shares. Argus restated a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Citigroup boosted their target price on 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research report on Tuesday, January 16th. Hilliard Lyons upgraded 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price for the company in a research report on Wednesday, January 24th. JPMorgan Chase restated an “underweight” rating and set 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 upgraded 3M from a “hold” rating to a “buy” rating and set a $271.00 target price for the company in a research report on Monday, January 15th. Four analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $253.22.
In related news, insider Hak Cheol Shin sold 8,385 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $247.20, for a total transaction of $2,072,772.00. Following the transaction, the insider now directly owns 120,105 shares of the company’s stock, valued at approximately $29,689,956. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 253,873 shares in the company, valued at $63,757,665.22. The disclosure for this sale can be found here. Insiders have sold a total of 52,806 shares of company stock worth $13,162,628 over the last three months. 0.58% of the stock is owned by insiders.
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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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