Columbia Partners L L C Investment Management trimmed its holdings in 3M (NYSE:MMM) by 10.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 36,786 shares of the conglomerate’s stock after selling 4,408 shares during the period. 3M accounts for approximately 1.1% of Columbia Partners L L C Investment Management’s portfolio, making the stock its 17th largest position. Columbia Partners L L C Investment Management’s holdings in 3M were worth $8,658,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Lenox Wealth Advisors Inc. grew its position in shares of 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after purchasing an additional 489 shares during the last quarter. Horan Capital Management purchased a new position in 3M during the fourth quarter worth approximately $123,000. Sawyer & Company Inc purchased a new position in 3M during the fourth quarter worth approximately $138,000. Field & Main Bank purchased a new position in 3M during the fourth quarter worth approximately $140,000. Finally, Ford Financial Group Inc. acquired a new stake in shares of 3M in the fourth quarter worth $143,000. Institutional investors and hedge funds own 66.88% of the company’s stock.
Shares of MMM traded down $6.42 during mid-day trading on Friday, hitting $212.25. The company’s stock had a trading volume of 2,503,915 shares, compared to its average volume of 2,648,888. The stock has a market capitalization of $126,394.88, a P/E ratio of 23.15, a P/E/G ratio of 1.97 and a beta of 1.14. 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.
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 the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The company had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. The business’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS. equities research analysts forecast that 3M will post 10.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were given a $1.36 dividend. This is an increase from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is 59.32%.
A number of equities research analysts recently weighed in on the stock. Argus reaffirmed a “buy” rating on shares of 3M in a report on Friday, December 22nd. Vetr raised shares of 3M from a “buy” rating to a “strong-buy” rating and set a $256.47 price objective for the company in a report on Friday, March 23rd. Royal Bank of Canada reissued a “hold” rating and set a $254.00 price objective on shares of 3M in a report on Thursday, January 25th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $264.00 price target on the stock in a research report on Thursday, January 4th. Finally, 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. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $253.22.
In related news, Chairman Inge G. Thulin sold 35,236 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the completion of the sale, the chairman now directly owns 253,873 shares in the company, valued at $63,757,665.22. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Ippocratis Vrohidis sold 225 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.68, for a total transaction of $56,178.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,806 shares of company stock worth $13,162,628. 0.58% of the stock is currently 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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