Hartford Investment Management Co. grew its holdings in 3M Co (NYSE:MMM) by 1.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 69,962 shares of the conglomerate’s stock after purchasing an additional 1,227 shares during the quarter. Hartford Investment Management Co.’s holdings in 3M were worth $14,537,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Lederer & Associates Investment Counsel CA raised its stake in 3M by 2.1% during the first quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock worth $501,000 after acquiring an additional 50 shares in the last quarter. Shine Investment Advisory Services Inc. raised its stake in 3M by 35.2% during the first quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 50 shares in the last quarter. Peoples Financial Services CORP. raised its stake in 3M by 0.3% during the first quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock worth $3,330,000 after acquiring an additional 50 shares in the last quarter. Bfsg LLC raised its stake in 3M by 0.4% during the first quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock worth $2,926,000 after acquiring an additional 55 shares in the last quarter. Finally, Nwam LLC raised its stake in 3M by 1.0% during the first quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock worth $1,216,000 after acquiring an additional 57 shares in the last quarter. 66.72% of the stock is owned by institutional investors.
In other 3M news, Chairman Inge G. Thulin sold 5,863 shares of the firm’s stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $207.78, for a total transaction of $1,218,214.14. Following the transaction, the chairman now owns 268,188 shares in the company, valued at $55,724,102.64. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director David B. Dillon bought 1,200 shares of 3M stock in a transaction on Friday, May 17th. The shares were bought at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the acquisition, the director now owns 1,200 shares of the company’s stock, valued at approximately $203,400. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 3,200 shares of company stock worth $559,260. 0.83% of the stock is owned by company insiders.
Shares of NYSE:MMM opened at $168.85 on Friday. 3M Co has a twelve month low of $159.32 and a twelve month high of $219.75. The firm has a market capitalization of $97.42 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.78 and a beta of 1.08. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38.
3M (NYSE:MMM) last announced its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.50 by ($0.27). 3M had a net margin of 17.43% and a return on equity of 57.42%. The business had revenue of $7.86 billion during the quarter, compared to analyst estimates of $8.02 billion. During the same quarter last year, the business posted $2.50 earnings per share. The business’s quarterly revenue was down 5.0% compared to the same quarter last year. Equities analysts anticipate that 3M Co will post 9.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a $1.44 dividend. This represents a $5.76 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is 55.07%.
MMM has been the subject of several recent analyst reports. Morgan Stanley set a $184.00 price objective on 3M and gave the stock a “hold” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. dropped their price objective on 3M from $158.00 to $154.00 and set an “underweight” rating for the company in a research note on Friday, March 29th. Barclays lowered their target price on 3M from $189.00 to $188.00 and set an “underweight” rating for the company in a research note on Wednesday, April 3rd. Citigroup set a $221.00 target price on 3M and gave the company a “buy” rating in a research note on Friday, April 26th. Finally, Gordon Haskett lowered 3M from a “buy” rating to a “hold” rating and set a $191.98 target price for the company. in a research note on Monday, April 29th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. 3M presently has an average rating of “Hold” and an average price target of $191.67.
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3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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