Benedict Financial Advisors Inc. cut its holdings in 3M Co (NYSE:MMM) by 5.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,387 shares of the conglomerate’s stock after selling 498 shares during the quarter. Benedict Financial Advisors Inc.’s holdings in 3M were worth $1,974,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. grew its position in shares of 3M by 4.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of 3M by 0.5% in the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock valued at $356,877,000 after purchasing an additional 8,500 shares during the last quarter. APG Asset Management N.V. grew its position in shares of 3M by 128.1% in the fourth quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock valued at $279,776,000 after purchasing an additional 801,639 shares during the last quarter. Rhumbline Advisers grew its position in shares of 3M by 0.9% in the third quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock valued at $236,039,000 after purchasing an additional 9,617 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of 3M by 38.9% in the fourth quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock valued at $218,981,000 after purchasing an additional 260,349 shares during the last quarter. Institutional investors and hedge funds own 66.17% of the company’s stock.
Shares of 3M Co (NYSE:MMM) opened at $235.07 on Wednesday. 3M Co has a 1 year low of $182.04 and a 1 year high of $259.77. The stock has a market cap of $139,980.00, a P/E ratio of 25.63, a P/E/G ratio of 2.20 and a beta of 1.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86.
3M (NYSE:MMM) last announced its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. 3M’s revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.88 earnings per share. analysts forecast that 3M Co will post 10.59 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be paid a dividend of $1.36 per share. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a yield of 2.31%. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is currently 59.32%.
MMM has been the topic of several research reports. Argus reiterated a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Citigroup increased their price target on shares of 3M from $250.00 to $262.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Royal Bank of Canada reiterated a “hold” rating and issued a $254.00 price target on shares of 3M in a research report on Thursday, January 25th. ValuEngine lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Goldman Sachs Group upgraded shares of 3M from a “sell” rating to a “neutral” rating and raised their target price for the stock from $194.00 to $229.00 in a research report on Wednesday, October 25th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $254.25.
In other 3M news, VP Ippocratis Vrohidis sold 225 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael F. Roman sold 4,146 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the transaction, the executive vice president now directly owns 16,208 shares in the company, valued at approximately $3,997,703.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,673 shares of company stock worth $12,420,577. 0.58% of the stock is currently owned by insiders.
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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, , 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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