Profund Advisors LLC increased its holdings in shares of 3M Co (NYSE:MMM) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,400 shares of the conglomerate’s stock after purchasing an additional 258 shares during the quarter. Profund Advisors LLC’s holdings in 3M were worth $3,016,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV grew its holdings in 3M by 202.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after buying an additional 101 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in 3M during the 1st quarter valued at approximately $38,000. Shine Investment Advisory Services Inc. grew its holdings in 3M by 35.2% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock valued at $40,000 after buying an additional 50 shares in the last quarter. Weaver Consulting Group purchased a new position in 3M during the 1st quarter valued at approximately $32,000. Finally, Arcus Capital Partners LLC bought a new stake in shares of 3M in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 67.09% of the company’s stock.
In other 3M 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 directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.83% of the company’s stock.
Several equities research analysts have recently issued reports on MMM shares. Royal Bank of Canada set a $179.00 price objective on 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Morgan Stanley raised their price objective on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. 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. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective for the company in a research note on Monday, July 29th. Finally, UBS Group lowered their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. 3M has an average rating of “Hold” and a consensus price target of $182.54.
Shares of MMM stock traded up $1.58 on Friday, reaching $172.16. 1,472,783 shares of the company’s stock were exchanged, compared to its average volume of 2,519,946. 3M Co has a 52 week low of $154.00 and a 52 week high of $219.75. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. The stock has a market capitalization of $97.98 billion, a PE ratio of 16.46, a P/E/G ratio of 1.90 and a beta of 1.11. The company’s fifty day simple moving average is $164.67 and its 200 day simple moving average is $182.03.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period last year, the company earned $2.59 EPS. 3M’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that 3M Co will post 9.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 16th were given a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Thursday, August 15th. 3M’s dividend payout ratio (DPR) is presently 55.07%.
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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