Flossbach Von Storch AG raised its position in shares of 3M Co (NYSE:MMM) by 33.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,767,020 shares of the conglomerate’s stock after purchasing an additional 1,944,377 shares during the quarter. 3M accounts for about 7.1% of Flossbach Von Storch AG’s investment portfolio, making the stock its 4th largest position. Flossbach Von Storch AG owned approximately 1.35% of 3M worth $1,060,276,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. FMR LLC lifted its holdings in 3M by 25.1% during the fourth quarter. FMR LLC now owns 2,335,961 shares of the conglomerate’s stock valued at $412,110,000 after purchasing an additional 469,237 shares in the last quarter. Soltis Investment Advisors LLC purchased a new position in 3M during the fourth quarter valued at approximately $588,000. Cpwm LLC lifted its holdings in shares of 3M by 25.3% in the fourth quarter. Cpwm LLC now owns 4,110 shares of the conglomerate’s stock worth $725,000 after buying an additional 829 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of 3M by 2,449.3% in the fourth quarter. Acadian Asset Management LLC now owns 120,200 shares of the conglomerate’s stock worth $21,206,000 after buying an additional 115,485 shares in the last quarter. Finally, Stephenson National Bank & Trust purchased a new position in shares of 3M in the fourth quarter worth $326,000. 67.67% of the stock is currently owned by institutional investors and hedge funds.
3M stock traded up $0.63 during mid-day trading on Friday, reaching $146.44. 2,440,863 shares of the company’s stock traded hands, compared to its average volume of 4,029,269. The company has a quick ratio of 1.19, a current ratio of 1.65 and a debt-to-equity ratio of 1.94. 3M Co has a 12-month low of $114.04 and a 12-month high of $187.72. The company has a market cap of $83.87 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.94 and a beta of 0.99. The stock has a 50 day moving average of $145.15 and a two-hundred day moving average of $158.97.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.13. 3M had a net margin of 15.37% and a return on equity of 50.24%. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the previous year, the business posted $2.23 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that 3M Co will post 7.92 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 22nd will be given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Thursday, May 21st. 3M’s dividend payout ratio (DPR) is 64.62%.
Several research firms have recently commented on MMM. Morgan Stanley boosted their target price on shares of 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Barclays boosted their target price on shares of 3M from $141.00 to $154.00 and gave the stock an “underweight” rating in a report on Wednesday, April 29th. Gordon Haskett downgraded shares of 3M from a “hold” rating to an “underperform” rating in a report on Monday, March 30th. Goldman Sachs Group lowered their target price on shares of 3M from $172.00 to $159.00 and set a “neutral” rating on the stock in a report on Friday, March 27th. Finally, Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $133.00 target price on the stock in a report on Thursday, April 30th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $161.85.
In other 3M news, SVP Ty R. Silberhorn sold 14,623 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the transaction, the senior vice president now owns 16,571 shares in the company, valued at $2,426,988.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Khandpur K. Ashish sold 3,605 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the transaction, the executive vice president now owns 19,193 shares in the company, valued at approximately $2,818,492.05. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock worth $5,930,874 in the last quarter. Company insiders own 0.42% of the company’s stock.
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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