Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of 3M Co (NYSE:MMM) by 4.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 165,587 shares of the conglomerate’s stock after acquiring an additional 7,575 shares during the quarter. Ladenburg Thalmann Financial Services Inc.’s holdings in 3M were worth $36,328,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Weatherstone Capital Management grew its holdings in shares of 3M by 10.3% during the fourth quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock worth $573,000 after purchasing an additional 227 shares during the last quarter. Cadence Bank NA grew its holdings in shares of 3M by 1.6% during the fourth quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock worth $3,617,000 after purchasing an additional 237 shares during the last quarter. Aviance Capital Partners LLC grew its holdings in shares of 3M by 2.5% during the fourth quarter. Aviance Capital Partners LLC now owns 10,082 shares of the conglomerate’s stock worth $2,373,000 after purchasing an additional 242 shares during the last quarter. Homrich & Berg grew its holdings in shares of 3M by 2.0% during the fourth quarter. Homrich & Berg now owns 12,618 shares of the conglomerate’s stock worth $2,970,000 after purchasing an additional 246 shares during the last quarter. Finally, Fort Pitt Capital Group LLC grew its holdings in shares of 3M by 3.1% during the fourth quarter. Fort Pitt Capital Group LLC now owns 8,232 shares of the conglomerate’s stock worth $1,937,000 after purchasing an additional 251 shares during the last quarter. 65.62% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on MMM. Vetr cut 3M from a “buy” rating to a “hold” rating and set a $251.35 price target on the stock. in a report on Tuesday, February 27th. Barclays began coverage on 3M in a report on Thursday, February 15th. They set an “underweight” rating and a $235.00 price target on the stock. Deutsche Bank upgraded 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $240.00 to $275.00 in a report on Tuesday, February 13th. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a report on Friday, March 23rd. Finally, Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. 3M currently has an average rating of “Hold” and an average price target of $240.65.
Shares of MMM stock opened at $204.92 on Wednesday. 3M Co has a one year low of $191.44 and a one year high of $259.77. The company has a market capitalization of $121.78 billion, a P/E ratio of 22.35, a P/E/G ratio of 1.94 and a beta of 1.16. The company has a current ratio of 1.65, a quick ratio of 1.17 and a debt-to-equity ratio of 1.11.
3M (NYSE:MMM) last announced its earnings results on Tuesday, April 24th. The conglomerate reported $2.50 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.50. The business had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.21 billion. 3M had a return on equity of 50.11% and a net margin of 12.83%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.16 earnings per share. sell-side analysts anticipate that 3M Co will post 10.4 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 12th. Shareholders of record on Friday, May 18th were issued a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Thursday, May 17th. 3M’s payout ratio is 59.32%.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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