Full Sail Capital LLC lowered its holdings in 3M Co (NYSE:MMM) by 13.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,892 shares of the conglomerate’s stock after selling 454 shares during the quarter. Full Sail Capital LLC’s holdings in 3M were worth $601,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Meridian Wealth Management LLC bought a new position in shares of 3M during the first quarter valued at approximately $38,000. Belpointe Asset Management LLC raised its holdings in shares of 3M by 25.2% during the first quarter. Belpointe Asset Management LLC now owns 15,127 shares of the conglomerate’s stock valued at $3,143,000 after acquiring an additional 3,040 shares in the last quarter. Thor Advisors LLC bought a new position in shares of 3M during the first quarter valued at approximately $50,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of 3M by 2.1% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 56,593 shares of the conglomerate’s stock valued at $11,760,000 after acquiring an additional 1,172 shares in the last quarter. Finally, Notis McConarty Edward raised its holdings in shares of 3M by 0.6% during the first quarter. Notis McConarty Edward now owns 25,747 shares of the conglomerate’s stock valued at $5,349,000 after acquiring an additional 147 shares in the last quarter. 66.72% of the stock is owned by institutional investors and hedge funds.
In related news, Director David B. Dillon bought 1,200 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were purchased at an average cost of $169.50 per share, with a total value of $203,400.00. Following the completion of the purchase, the director now owns 1,200 shares in the company, valued at approximately $203,400. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction on Friday, May 17th. The stock was 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 directly owns 28,092 shares in the company, valued at $4,766,650.56. The disclosure for this sale can be found here. Over the last three months, insiders bought 3,200 shares of company stock worth $559,260. Insiders own 0.83% of the company’s stock.
A number of brokerages recently commented on MMM. Barclays restated a “sell” rating and set a $162.00 target price on shares of 3M in a report on Thursday, June 6th. Citigroup reduced their price target on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Morgan Stanley reduced their price target on 3M from $184.00 to $172.00 and set an “equal weight” rating on the stock in a research note on Friday, May 24th. JPMorgan Chase & Co. reduced their price target on 3M from $154.00 to $143.00 and set an “underweight” rating on the stock in a research note on Friday, May 17th. Finally, Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 price target on the stock. in a research note on Monday, April 29th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $191.67.
MMM stock traded down $2.16 during midday trading on Friday, hitting $166.69. The stock had a trading volume of 2,719,180 shares, compared to its average volume of 3,169,586. The stock has a market cap of $96.08 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 1.76 and a beta of 1.08. 3M Co has a 52-week low of $159.32 and a 52-week 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.
3M (NYSE:MMM) last released its earnings results on Thursday, April 25th. The conglomerate reported $2.23 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 company had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $8.02 billion. During the same period in the prior year, the company posted $2.50 earnings per share. The company’s revenue was down 5.0% on a year-over-year basis. Equities research analysts expect that 3M Co will post 9.31 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid 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 dividend yield of 3.46%. 3M’s dividend payout ratio is currently 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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