Massmutual Trust Co. FSB ADV lifted its stake in shares of 3M (NYSE:MMM) by 68.7% during the fourth quarter, HoldingsChannel reports. The firm owned 88,972 shares of the conglomerate’s stock after acquiring an additional 36,246 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in 3M were worth $964,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Lenox Wealth Advisors Inc. raised its position in 3M by 16,300.0% in 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 stake in 3M in the fourth quarter worth about $123,000. Virtue Capital Management LLC bought a new stake in 3M in the fourth quarter worth about $127,000. Sawyer & Company Inc bought a new stake in 3M in the fourth quarter worth about $138,000. Finally, Field & Main Bank bought a new stake in 3M in the fourth quarter worth about $140,000. Institutional investors and hedge funds own 66.88% of the company’s stock.
NYSE MMM opened at $212.25 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86. The stock has a market cap of $130,217.98, a price-to-earnings ratio of 23.15, a P/E/G ratio of 2.03 and a beta of 1.14. 3M has a 1 year low of $188.62 and a 1 year high of $259.77.
3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.88 EPS. sell-side analysts expect that 3M will post 10.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.56%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is presently 59.32%.
In other 3M news, insider Hak Cheol Shin sold 8,385 shares of 3M stock in a transaction dated 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 owns 120,105 shares of the company’s stock, valued at approximately $29,689,956. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of 3M stock in a transaction dated 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 transaction, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,806 shares of company stock worth $13,162,628. Corporate insiders own 0.58% of the company’s stock.
Several equities research analysts have commented on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $225.00 price target (down from $251.00) on shares of 3M in a research report on Monday, April 2nd. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a research 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 on the stock in a research report on Monday, March 26th. Citigroup set a $284.00 price target on shares of 3M and gave the stock a “buy” rating in a research report on Saturday, March 24th. Finally, ValuEngine cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, March 23rd. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $253.22.
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3M Company Profile
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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