Gardiner Nancy B lessened its stake in 3M Company (NYSE:MMM) by 5.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,574 shares of the conglomerate’s stock after selling 566 shares during the quarter. 3M accounts for about 4.7% of Gardiner Nancy B’s portfolio, making the stock its largest holding. Gardiner Nancy B’s holdings in 3M were worth $2,022,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of MMM. Jackson Grant Investment Advisers Inc. lifted its holdings in shares of 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares during the period. One Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at about $202,000. FDO Partners LLC acquired a new position in shares of 3M in the 1st quarter valued at about $203,000. SRS Capital Advisors Inc. lifted its holdings in shares of 3M by 42.3% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,069 shares of the conglomerate’s stock valued at $204,000 after buying an additional 318 shares during the period. Finally, Pegasus Partners Ltd. acquired a new position in shares of 3M in the 1st quarter valued at about $206,000. 66.31% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Company (NYSE:MMM) traded up 0.18% during trading on Tuesday, hitting $209.93. The company’s stock had a trading volume of 612,965 shares. The stock has a market cap of $125.28 billion, a PE ratio of 23.95 and a beta of 1.08. The company has a 50-day moving average price of $204.24 and a 200-day moving average price of $200.33. 3M Company has a one year low of $163.85 and a one year high of $214.57.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the prior year, the firm posted $2.08 EPS. 3M’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts predict that 3M Company will post $8.94 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be issued a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.
MMM has been the subject of several analyst reports. Citigroup Inc. reissued a “buy” rating and issued a $229.00 price objective (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Morgan Stanley reissued an “underweight” rating and issued a $191.00 price objective (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Finally, Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $206.68.
In other 3M news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the sale, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 in the last ninety days. 0.58% of the stock is owned by corporate insiders.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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