Eagle Ridge Investment Management raised its position in shares of 3M Co (NYSE:MMM) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,158 shares of the conglomerate’s stock after acquiring an additional 1,144 shares during the period. 3M makes up approximately 1.3% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 27th largest position. Eagle Ridge Investment Management’s holdings in 3M were worth $8,868,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Creative Financial Designs Inc. ADV boosted its stake in shares of 3M by 202.0% in 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 period. Cordasco Financial Network boosted its stake in shares of 3M by 220.0% in 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 period. Capital Financial Planning LLC bought a new stake in shares of 3M in the fourth quarter valued at approximately $34,000. Meridian Wealth Management LLC bought a new stake in shares of 3M in the first quarter valued at approximately $38,000. Finally, Lake Point Wealth Management bought a new stake in shares of 3M in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 67.55% of the company’s stock.
Shares of NYSE:MMM traded down $0.77 during trading on Thursday, hitting $158.04. 151,027 shares of the company were exchanged, compared to its average volume of 3,092,303. The stock has a 50 day simple moving average of $171.17. The firm has a market cap of $93.26 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.72 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. 3M Co has a 1-year low of $158.04 and a 1-year high of $219.75.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.59 earnings per share. On average, equities research analysts expect that 3M Co will post 9.29 EPS for the current year.
The firm 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 $1.44 dividend. The ex-dividend date is Thursday, August 15th. This represents a $5.76 annualized dividend and a dividend yield of 3.64%. 3M’s dividend payout ratio is 55.07%.
In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the sale, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David B. Dillon acquired 1,200 shares of 3M stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average cost of $169.50 per share, for a total transaction of $203,400.00. Following the purchase, the director now owns 1,200 shares of the company’s stock, valued at $203,400. The disclosure for this purchase can be found here. Insiders own 0.83% of the company’s stock.
Several brokerages recently issued reports on MMM. Credit Suisse Group boosted their price target on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on shares of 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Deutsche Bank lowered their price objective on shares of 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research report on Friday, April 26th. Bank of America lowered their price objective on shares of 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Finally, Wolfe Research set a $174.00 price target on shares of 3M and gave the stock a “sell” rating in a report on Friday, April 26th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. 3M has an average rating of “Hold” and a consensus price target 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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