Swiss National Bank lowered its holdings in 3M Co (NYSE:MMM) by 3.4% during the second quarter, HoldingsChannel.com reports. The fund owned 1,904,904 shares of the conglomerate’s stock after selling 67,400 shares during the period. Swiss National Bank’s holdings in 3M were worth $330,196,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Creative Financial Designs Inc. ADV raised its holdings in shares of 3M by 202.0% during the first 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 during the last quarter. Cordasco Financial Network raised its holdings in shares of 3M by 220.0% during the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after buying an additional 110 shares during the last quarter. Capital Financial Planning LLC bought a new stake in shares of 3M during the fourth quarter valued at approximately $34,000. Meridian Wealth Management LLC bought a new stake in shares of 3M during the first quarter valued at approximately $38,000. Finally, Lake Point Wealth Management bought a new stake in shares of 3M during the fourth quarter valued at approximately $37,000. 67.55% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider John Patrick Banovetz sold 1,040 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.83% of the stock is owned by company insiders.
Shares of NYSE MMM traded up $3.43 during mid-day trading on Friday, reaching $160.27. 175,941 shares of the company traded hands, compared to its average volume of 3,058,725. 3M Co has a fifty-two week low of $155.63 and a fifty-two week high of $219.75. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The firm has a market cap of $91.31 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09. The stock has a fifty day simple moving average of $170.87 and a 200-day simple moving average of $187.50.
3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the business earned $2.59 earnings per share. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, analysts predict that 3M Co will post 9.29 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be paid a dividend of $1.44 per share. The ex-dividend date is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.59%. 3M’s dividend payout ratio is presently 55.07%.
A number of equities research analysts have recently weighed in on MMM shares. Royal Bank of Canada set a $179.00 price target on 3M and gave the company a “hold” rating in a report on Friday, July 26th. Argus cut 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Morgan Stanley lifted their price target on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 price target on the stock. in a report on Monday, April 29th. Finally, Wolfe Research set a $174.00 price target on 3M and gave the company a “sell” rating in a report on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. 3M presently has a consensus rating of “Hold” and an average target price of $182.54.
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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