FDx Advisors Inc. increased its position in 3M Co (NYSE:MMM) by 5.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 17,735 shares of the conglomerate’s stock after acquiring an additional 923 shares during the quarter. FDx Advisors Inc.’s holdings in 3M were worth $3,737,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Price Capital Management Inc. acquired a new stake in 3M during the 3rd quarter valued at approximately $126,000. Psagot Investment House Ltd. acquired a new stake in 3M during the 3rd quarter valued at approximately $131,000. SRS Capital Advisors Inc. increased its position in 3M by 1,652.8% during the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after purchasing an additional 595 shares during the period. Braun Bostich & Associates Inc. increased its position in 3M by 221.7% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 481 shares during the period. Finally, Avestar Capital LLC increased its position in 3M by 161.2% during the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after purchasing an additional 432 shares during the period. 67.00% of the stock is owned by institutional investors.
In related news, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is owned by company insiders.
3M stock opened at $202.68 on Friday. The company has a market cap of $117.74 billion, a price-to-earnings ratio of 22.10, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18. 3M Co has a 52-week low of $181.98 and a 52-week high of $259.77. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. During the same quarter in the prior year, the business earned $2.33 earnings per share. 3M’s revenue for the quarter was down .2% on a year-over-year basis. As a group, sell-side analysts forecast that 3M Co will post 9.95 EPS for the current year.
3M declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 13th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s dividend payout ratio is currently 59.32%.
A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. Barclays cut their price target on 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a report on Monday, November 19th. Royal Bank of Canada cut their price target on 3M to $223.00 and set an “outperform” rating on the stock in a report on Wednesday, October 24th. Argus cut their price target on 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Finally, Deutsche Bank increased their price target on 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a report on Friday, September 28th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $225.16.
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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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