CCM Investment Advisers LLC decreased its holdings in 3M (NYSE:MMM) by 7.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 43,436 shares of the conglomerate’s stock after selling 3,382 shares during the quarter. 3M makes up 2.0% of CCM Investment Advisers LLC’s holdings, making the stock its 22nd biggest holding. CCM Investment Advisers LLC’s holdings in 3M were worth $10,223,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Alpha Windward LLC boosted its stake in shares of 3M by 16.5% in the fourth quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock valued at $339,000 after purchasing an additional 204 shares during the period. Canal Capital Management LLC boosted its stake in shares of 3M by 3.2% in the fourth quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock valued at $1,671,000 after purchasing an additional 221 shares during the period. Weatherstone Capital Management boosted its stake in shares of 3M by 10.3% in the fourth quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock valued at $573,000 after purchasing an additional 227 shares during the period. Cadence Bank NA boosted its stake in shares of 3M by 1.6% in the fourth quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock valued at $3,617,000 after purchasing an additional 237 shares during the period. Finally, Aviance Capital Partners LLC boosted its stake in shares of 3M by 2.5% in the fourth quarter. Aviance Capital Partners LLC now owns 10,082 shares of the conglomerate’s stock valued at $2,373,000 after purchasing an additional 242 shares during the period. 66.88% of the stock is owned by institutional investors and hedge funds.
MMM stock opened at $212.25 on Monday. 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 twelve month low of $188.62 and a twelve month high of $259.77. The company has a market cap of $126,394.88, a price-to-earnings ratio of 23.15, a P/E/G ratio of 1.97 and a beta of 1.14.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The company 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 earned $1.88 earnings per share. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. analysts predict 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. 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 presently 59.32%.
In other 3M news, VP Ippocratis Vrohidis sold 225 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of the firm’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 transaction of $8,849,169.04. Following the sale, 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 three months, insiders have sold 52,806 shares of company stock worth $13,162,628. 0.58% of the stock is owned by corporate insiders.
Several research firms have recently commented on MMM. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Barclays initiated coverage on shares of 3M in a research note on Thursday, February 15th. They issued an “underweight” rating and a $235.00 price target for the company. UBS initiated coverage on shares of 3M in a research note on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 price target for the company. Citigroup lifted their price target on shares of 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Finally, Vetr upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $250.06 price target for the company in a research note on Monday, February 5th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target 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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