Wealth Enhancement Advisory Services LLC boosted its holdings in shares of 3M Co (NYSE:MMM) by 3.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,867 shares of the conglomerate’s stock after acquiring an additional 564 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in 3M were worth $2,805,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Lederer & Associates Investment Counsel CA increased its position in 3M by 2.1% during the first quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock worth $501,000 after acquiring an additional 50 shares during the period. Shine Investment Advisory Services Inc. increased its position in 3M by 35.2% during the first quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 50 shares during the period. Peoples Financial Services CORP. increased its position in 3M by 0.3% during the first quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock worth $3,330,000 after acquiring an additional 50 shares during the period. Bfsg LLC increased its position in 3M by 0.4% during the first quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock worth $2,926,000 after acquiring an additional 55 shares during the period. Finally, Nwam LLC increased its position in 3M by 1.0% during the first quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock worth $1,216,000 after acquiring an additional 57 shares during the period. 67.55% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Joaquin Delgado sold 5,400 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the sale, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Dillon bought 1,200 shares of 3M stock in a transaction dated Friday, May 17th. The stock was purchased at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the purchase, the director now directly owns 1,200 shares in the company, valued at approximately $203,400. The disclosure for this purchase can be found here. 0.83% of the stock is currently owned by insiders.
MMM traded down $1.83 during trading on Thursday, reaching $156.98. 261,903 shares of the company’s stock were exchanged, compared to its average volume of 3,092,303. 3M Co has a fifty-two week low of $158.04 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 50 day moving average of $171.17. The company has a market cap of $93.26 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.72 and a beta of 1.09.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping 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 firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the previous year, the company earned $2.59 earnings per share. The business’s revenue was down 2.6% compared to the same quarter last year. Sell-side analysts anticipate that 3M Co will post 9.29 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be paid a $1.44 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 annualized dividend and a dividend yield of 3.67%. 3M’s dividend payout ratio is presently 55.07%.
A number of equities analysts recently issued reports on MMM shares. Argus lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. dropped their target price on shares of 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Credit Suisse Group boosted their target price on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Wolfe Research set a $174.00 target price on shares of 3M and gave the stock a “sell” rating in a research report on Friday, April 26th. Finally, Bank of America decreased their price target on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus 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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