Gilman Hill Asset Management LLC grew its stake in 3M (NYSE:MMM – Get Rating) by 2,044.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,040 shares of the conglomerate’s stock after purchasing an additional 49,613 shares during the quarter. 3M comprises about 1.8% of Gilman Hill Asset Management LLC’s holdings, making the stock its 13th biggest holding. Gilman Hill Asset Management LLC’s holdings in 3M were worth $7,748,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of MMM. DB Fitzpatrick & Co Inc bought a new position in 3M in the 4th quarter worth $29,000. Ritter Daniher Financial Advisory LLC increased its stake in shares of 3M by 98.9% in the 4th quarter. Ritter Daniher Financial Advisory LLC now owns 179 shares of the conglomerate’s stock worth $32,000 after acquiring an additional 89 shares in the last quarter. US Asset Management LLC bought a new position in shares of 3M in the 1st quarter worth about $34,000. Atticus Wealth Management LLC bought a new position in shares of 3M in the 4th quarter worth about $36,000. Finally, Dark Forest Capital Management LP bought a new position in shares of 3M in the 3rd quarter worth about $41,000. Institutional investors and hedge funds own 67.22% of the company’s stock.
Shares of NYSE MMM traded down $0.87 during trading on Thursday, reaching $129.53. 23,205 shares of the company traded hands, compared to its average volume of 2,697,940. The firm has a 50 day simple moving average of $145.13 and a 200-day simple moving average of $155.93. The company has a quick ratio of 1.00, a current ratio of 1.58 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $73.71 billion, a PE ratio of 13.57, a P/E/G ratio of 1.26 and a beta of 0.92. 3M has a 52-week low of $128.19 and a 52-week high of $203.21.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 12th. Investors of record on Friday, May 20th were issued a $1.49 dividend. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend was Thursday, May 19th. 3M’s payout ratio is 62.02%.
In related news, CEO Michael F. Roman sold 10,610 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $146.21, for a total value of $1,551,288.10. Following the transaction, the chief executive officer now owns 90,361 shares of the company’s stock, valued at $13,211,681.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mojdeh Poul sold 1,634 shares of the firm’s stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $151.68, for a total transaction of $247,845.12. Following the sale, the insider now owns 7,637 shares in the company, valued at approximately $1,158,380.16. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.
Several research analysts recently issued reports on the stock. Barclays decreased their price target on shares of 3M from $155.00 to $146.00 and set an “underweight” rating for the company in a research note on Wednesday, April 27th. UBS Group decreased their price target on shares of 3M from $168.00 to $118.00 and set a “sell” rating for the company in a research note on Friday, March 11th. Credit Suisse Group decreased their price target on shares of 3M from $173.00 to $161.00 and set a “neutral” rating for the company in a research note on Wednesday, April 27th. Argus downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, April 28th. Finally, Citigroup cut their price objective on shares of 3M from $157.00 to $151.00 in a research report on Wednesday, April 27th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $164.00.
3M Company Profile (Get Rating)
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
- Get a free copy of the StockNews.com research report on 3M (MMM)
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