Quadrature Capital Ltd purchased a new position in shares of 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 21,920 shares of the conglomerate’s stock, valued at approximately $5,168,000.
Other hedge funds also recently bought and sold shares of the company. Alpha Windward LLC raised its holdings in 3M by 16.5% in the 4th quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock valued at $339,000 after acquiring an additional 204 shares during the last quarter. Canal Capital Management LLC increased its holdings in shares of 3M by 3.2% during the 4th quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after buying an additional 221 shares during the last quarter. ARGI Investment Services LLC increased its holdings in shares of 3M by 6.8% during the 3rd quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock worth $736,000 after buying an additional 227 shares during the last quarter. Weatherstone Capital Management increased its holdings in shares of 3M by 10.3% during the 4th quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock worth $573,000 after buying an additional 227 shares during the last quarter. Finally, Cadence Bank NA increased its holdings in shares of 3M by 1.6% during the 4th quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock worth $3,617,000 after buying an additional 237 shares during the last quarter. 66.88% of the stock is currently owned by hedge funds and other institutional investors.
In other 3M news, EVP Michael F. Roman sold 4,146 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $246.65, for a total value of $1,022,610.90. Following the sale, the executive vice president now owns 16,208 shares in the company, valued at $3,997,703.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Frank R. Jr. Little sold 3,133 shares of the firm’s stock in a transaction that occurred on 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. Insiders sold 52,806 shares of company stock worth $13,162,628 in the last three months. 0.58% of the stock is currently owned by corporate insiders.
A number of analysts have recently commented on MMM shares. Argus restated a “buy” rating on shares of 3M in a report on Friday, December 22nd. Vetr upgraded 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 reiterated a “hold” rating and issued a $254.00 price target on shares of 3M in a report on Thursday, January 25th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $264.00 price target for the company in a report on Thursday, January 4th. Finally, Citigroup set a $284.00 price target on 3M and gave the company a “buy” rating in a report on Saturday, March 24th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. 3M has an average rating of “Hold” and an average target price of $253.22.
Shares of MMM stock traded down $6.42 during trading hours on Friday, hitting $212.25. 2,503,915 shares of the company were exchanged, compared to its average volume of 2,648,888. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86. 3M has a one year low of $188.62 and a one year high of $259.77. The stock has a market capitalization of $126,394.88, a price-to-earnings ratio of 23.15, a PEG ratio of 1.97 and a beta of 1.14.
3M (NYSE:MMM) last issued its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The firm had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter last year, the company posted $1.88 earnings per share. 3M’s revenue was up 9.0% on a year-over-year basis. research analysts forecast that 3M will post 10.57 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.36 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a yield of 2.56%. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is currently 59.32%.
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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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