Wedbush Securities Inc. reduced its holdings in 3M Co (NYSE:MMM) by 3.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,861 shares of the conglomerate’s stock after selling 416 shares during the quarter. Wedbush Securities Inc.’s holdings in 3M were worth $2,056,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in shares of 3M by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,801,633 shares of the conglomerate’s stock valued at $343,284,000 after buying an additional 37,553 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of 3M by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after buying an additional 353,754 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new stake in shares of 3M in the fourth quarter valued at about $1,777,000. Nomura Holdings Inc. grew its stake in shares of 3M by 663.5% in the fourth quarter. Nomura Holdings Inc. now owns 65,620 shares of the conglomerate’s stock valued at $12,964,000 after buying an additional 57,025 shares in the last quarter. Finally, Drexel Morgan & Co. grew its stake in shares of 3M by 2.8% in the fourth quarter. Drexel Morgan & Co. now owns 9,322 shares of the conglomerate’s stock valued at $1,776,000 after buying an additional 257 shares in the last quarter. 67.55% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on MMM. Argus lowered 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Credit Suisse Group raised their price objective on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Wolfe Research set a $174.00 price objective on 3M and gave the company a “sell” rating in a research note on Friday, April 26th. Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 target price on the stock. in a report on Monday, April 29th. Finally, Deutsche Bank decreased their target price on 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research report on Friday, April 26th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $182.54.
In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the sale, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the sale, the insider now directly owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by company insiders.
Shares of 3M stock traded up $2.33 during midday trading on Tuesday, hitting $164.43. The company’s stock had a trading volume of 170,468 shares, compared to its average volume of 3,128,843. The stock has a market cap of $94.04 billion, a price-to-earnings ratio of 15.71, a P/E/G ratio of 1.73 and a beta of 1.09. The company’s 50-day simple moving average is $171.61. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. 3M Co has a 1-year low of $158.04 and a 1-year high of $219.75.
3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. 3M’s revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.59 earnings per share. On average, analysts forecast that 3M Co will post 9.29 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be given a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.50%. 3M’s payout ratio is 55.07%.
3M Company Profile
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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