Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its stake in 3M Co (NYSE:MMM) by 1,382.7% in the 1st quarter, HoldingsChannel reports. The fund owned 22,240 shares of the conglomerate’s stock after buying an additional 20,740 shares during the quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH’s holdings in 3M were worth $4,635,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Creative Financial Designs Inc. ADV raised its holdings in shares of 3M by 202.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after buying an additional 101 shares in the last quarter. Cordasco Financial Network raised its holdings in shares of 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after buying an additional 110 shares in the last quarter. Capital Financial Planning LLC acquired a new position in shares of 3M during the 4th quarter worth $34,000. Penserra Capital Management LLC acquired a new position in shares of 3M during the 4th quarter worth $35,000. Finally, Lake Point Wealth Management acquired a new position in shares of 3M during the 4th quarter worth $37,000. 66.72% of the stock is owned by hedge funds and other institutional investors.
In related news, Director David B. Dillon purchased 1,200 shares of 3M stock in a transaction on Friday, May 17th. The shares were purchased at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the transaction, the director now owns 1,200 shares of the company’s stock, valued at approximately $203,400. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the sale, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 3,200 shares of company stock valued at $559,260. Insiders own 0.83% of the company’s stock.
A number of equities analysts have recently commented on MMM shares. Argus cut 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Bank of America cut 3M from a “buy” rating to a “neutral” rating in a report on Friday, April 26th. Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a report on Monday, April 29th. Citigroup set a $221.00 target price on 3M and gave the stock a “buy” rating in a report on Friday, April 26th. Finally, Morgan Stanley set a $184.00 target price on 3M and gave the stock a “hold” rating in a report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $191.67.
Shares of MMM opened at $166.69 on Friday. 3M Co has a 12-month low of $159.32 and a 12-month high of $219.75. The company has a quick ratio of 1.38, a current ratio of 2.02 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $97.33 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 1.78 and a beta of 1.08.
3M (NYSE:MMM) last issued its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). 3M had a return on equity of 57.42% and a net margin of 17.43%. The firm had revenue of $7.86 billion during the quarter, compared to analyst estimates of $8.02 billion. During the same period in the previous year, the company earned $2.50 EPS. 3M’s revenue for the quarter was down 5.0% on a year-over-year basis. As a group, research analysts forecast that 3M Co will post 9.31 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a $1.44 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $5.76 dividend on an annualized basis and a yield of 3.46%. 3M’s payout ratio is presently 55.07%.
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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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