Moors & Cabot Inc. reduced its holdings in shares of 3M Co (NYSE:MMM) by 4.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,460 shares of the conglomerate’s stock after selling 990 shares during the period. Moors & Cabot Inc.’s holdings in 3M were worth $2,925,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of MMM. Tsfg LLC grew its position in 3M by 52.7% during the first quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock valued at $27,000 after acquiring an additional 69 shares during the last quarter. Cascade Investment Advisors Inc. bought a new position in 3M during the first quarter valued at approximately $28,000. Stonebridge Financial Planning Group LLC grew its position in 3M by 211.3% during the first quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock valued at $33,000 after acquiring an additional 150 shares during the last quarter. IndexIQ Advisors LLC bought a new position in shares of 3M in the fourth quarter worth approximately $35,000. Finally, Total Clarity Wealth Management Inc. bought a new position in shares of 3M in the fourth quarter worth approximately $36,000. Institutional investors and hedge funds own 65.83% of the company’s stock.
3M stock traded up $0.15 on Monday, hitting $156.59. 755,556 shares of the stock traded hands, compared to its average volume of 4,175,762. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94. The firm has a market cap of $89.51 billion, a P/E ratio of 18.27, a price-to-earnings-growth ratio of 2.08 and a beta of 0.99. The business’s fifty day simple moving average is $147.06 and its 200 day simple moving average is $158.21. 3M Co has a 1 year low of $114.04 and a 1 year high of $187.72.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 28th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.03 by $0.13. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 50.24% and a net margin of 15.37%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.23 earnings per share. As a group, analysts predict 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 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, May 21st. 3M’s dividend payout ratio is currently 64.62%.
Several research analysts have recently issued reports on the stock. Langenberg & Company upgraded shares of 3M to a “buy” rating and set a $180.00 target price on the stock in a report on Thursday, April 9th. Royal Bank of Canada raised their target price on shares of 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 29th. Barclays raised 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. Goldman Sachs Group cut 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, Gordon Haskett cut shares of 3M from a “hold” rating to an “underperform” rating in a report on Monday, March 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus 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 firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the completion of the transaction, the senior vice president now owns 16,571 shares of the company’s stock, valued at $2,426,988.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael F. Roman sold 7,894 shares of the firm’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $148.70, for a total value of $1,173,837.80. Following the transaction, the chief executive officer now directly owns 57,868 shares of the company’s stock, valued at approximately $8,604,971.60. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock valued at $5,930,874 in the last three months. Insiders own 0.42% of the company’s stock.
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.
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