KCM Investment Advisors LLC boosted its position in 3M (NYSE:MMM) by 0.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 110,623 shares of the conglomerate’s stock after purchasing an additional 770 shares during the period. 3M makes up approximately 1.5% of KCM Investment Advisors LLC’s investment portfolio, making the stock its 9th biggest holding. KCM Investment Advisors LLC’s holdings in 3M were worth $26,037,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hanson McClain Inc. raised its stake in shares of 3M by 18.0% during the fourth quarter. Hanson McClain Inc. now owns 1,677 shares of the conglomerate’s stock valued at $395,000 after acquiring an additional 256 shares in the last quarter. Colonial Trust Advisors raised its stake in shares of 3M by 8.2% during the fourth quarter. Colonial Trust Advisors now owns 11,301 shares of the conglomerate’s stock valued at $2,660,000 after acquiring an additional 855 shares in the last quarter. Xact Kapitalforvaltning AB raised its stake in shares of 3M by 13.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 105,034 shares of the conglomerate’s stock valued at $24,722,000 after acquiring an additional 12,347 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of 3M by 68.7% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 88,972 shares of the conglomerate’s stock valued at $964,000 after acquiring an additional 36,246 shares in the last quarter. Finally, CNB Bank bought a new stake in shares of 3M during the fourth quarter valued at approximately $394,000. 66.88% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:MMM opened at $212.25 on Friday. The company has a market capitalization of $130,217.98, a P/E ratio of 23.15, a price-to-earnings-growth ratio of 2.03 and a beta of 1.14. 3M has a 52 week low of $188.62 and a 52 week high of $259.77. 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 (NYSE:MMM) last issued its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. The company had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. 3M’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 firm posted $1.88 earnings per share. sell-side 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. Shareholders of record on Friday, February 16th were issued a $1.36 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a yield of 2.56%. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is currently 59.32%.
In other 3M news, EVP Frank R. Jr. Little sold 3,133 shares of 3M 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Inge G. Thulin sold 35,236 shares of 3M stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the completion of 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 sold 52,806 shares of company stock worth $13,162,628 over the last ninety days. Corporate insiders own 0.58% of the company’s stock.
Several research firms have recently weighed in on MMM. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price target for the company in a research note on Monday, January 15th. Vetr downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price target for the company. in a research note on Tuesday, February 27th. UBS began coverage on shares of 3M in a research note on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 price target for the company. JPMorgan Chase reaffirmed an “underweight” rating and set a $221.00 price target (up previously from $208.00) on shares of 3M in a research note on Thursday, January 18th. Finally, Deutsche Bank lifted their price target on shares of 3M from $180.00 to $240.00 and gave the company a “hold” rating in a research note on Wednesday, January 10th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently 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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