Hayden Royal LLC lifted its position in shares of 3M Co (NYSE:MMM) by 26.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,230 shares of the conglomerate’s stock after acquiring an additional 254 shares during the quarter. Hayden Royal LLC’s holdings in 3M were worth $209,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Dimensional Fund Advisors LP boosted its stake in 3M by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,801,633 shares of the conglomerate’s stock worth $343,284,000 after purchasing an additional 37,553 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after acquiring an additional 353,754 shares during the period. VisionPoint Advisory Group LLC acquired a new position in shares of 3M during the fourth quarter valued at $405,000. Claybrook Capital LLC lifted its stake in shares of 3M by 762.3% during the fourth quarter. Claybrook Capital LLC now owns 3,449 shares of the conglomerate’s stock valued at $657,000 after acquiring an additional 3,049 shares during the period. Finally, Dana Investment Advisors Inc. acquired a new position in shares of 3M during the fourth quarter valued at $330,000. 67.55% of the stock is currently owned by institutional investors.
In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares in the company, valued at $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the sale, the insider now owns 28,092 shares of the company’s stock, valued at $4,766,650.56. The disclosure for this sale can be found here. Corporate insiders own 0.83% of the company’s stock.
Several brokerages have recently issued reports on MMM. Credit Suisse Group upped 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. Wolfe Research set a $174.00 price target on 3M and gave the company a “sell” rating in a research note on Friday, April 26th. Barclays reaffirmed a “sell” rating and set a $162.00 price target on shares of 3M in a research note on Thursday, June 6th. Bank of America cut their price target on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Finally, Morgan Stanley upped their price target on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and a consensus target price of $182.54.
NYSE MMM traded down $0.26 on Thursday, reaching $158.81. The company had a trading volume of 104,494 shares, compared to its average volume of 3,092,303. The company has a 50 day moving average of $171.17. The company has a market capitalization of $93.26 billion, a PE ratio of 15.16, a price-to-earnings-growth ratio of 1.72 and a beta of 1.09. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a 52 week low of $158.04 and a 52 week high of $219.75.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.16. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.59 earnings per share. As a group, equities research analysts predict that 3M Co will post 9.29 earnings per share 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 issued a $1.44 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.63%. 3M’s dividend payout ratio is presently 55.07%.
3M Company Profile
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.
Further Reading: Stock Symbols, CUSIP and Other Stock Identifiers
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