Capital Investment Advisors LLC lifted its stake in 3M Company (NYSE:MMM) by 9.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,688 shares of the conglomerate’s stock after purchasing an additional 948 shares during the period. Capital Investment Advisors LLC’s holdings in 3M were worth $2,225,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Proficio Capital Partners LLC grew its holdings in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after purchasing an additional 404 shares during the last quarter. Jackson Grant Investment Advisers Inc. grew its holdings in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 4 shares during the last quarter. One Capital Management LLC bought a new position in shares of 3M in the first quarter worth about $202,000. FDO Partners LLC bought a new position in shares of 3M in the first quarter worth about $203,000. Finally, SRS Capital Advisors Inc. grew its holdings in shares of 3M by 42.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,069 shares of the conglomerate’s stock worth $204,000 after purchasing an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 66.31% of the company’s stock.
MMM has been the topic of a number of research analyst reports. Bank of America Corporation restated a “buy” rating and issued a $227.00 price target on shares of 3M in a report on Thursday. Morgan Stanley restated an “underweight” rating and issued a $191.00 price target (down from $193.00) on shares of 3M in a report on Monday, July 10th. Jefferies Group LLC restated a “buy” rating and issued a $219.00 price target on shares of 3M in a report on Friday, May 26th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a report on Friday, May 26th. Finally, BidaskClub cut shares of 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $207.93.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the sale, the insider now owns 9,010 shares in the company, valued at $1,856,330.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock valued at $1,878,890 in the last 90 days. Company insiders own 0.58% of the company’s stock.
Shares of 3M Company (NYSE MMM) traded up 0.91% during trading on Friday, hitting $213.35. 3,636,437 shares of the company traded hands. The company has a 50-day moving average of $205.40 and a 200-day moving average of $200.88. The stock has a market capitalization of $127.32 billion, a PE ratio of 24.34 and a beta of 1.08. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.57.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.08 earnings per share. Equities analysts expect that 3M Company will post $8.94 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were paid a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is presently 53.59%.
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3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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