Somerset Trust Co grew its holdings in 3M Co (NYSE:MMM) by 14.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,972 shares of the conglomerate’s stock after purchasing an additional 2,823 shares during the period. 3M makes up about 2.6% of Somerset Trust Co’s holdings, making the stock its 2nd biggest position. Somerset Trust Co’s holdings in 3M were worth $5,171,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of MMM. Koshinski Asset Management Inc. increased its holdings in 3M by 134.9% during the 4th quarter. Koshinski Asset Management Inc. now owns 12,515 shares of the conglomerate’s stock worth $2,946,000 after acquiring an additional 7,188 shares during the period. First National Trust Co increased its holdings in 3M by 0.7% during the 4th quarter. First National Trust Co now owns 48,428 shares of the conglomerate’s stock worth $11,398,000 after acquiring an additional 327 shares during the period. Creative Planning increased its holdings in 3M by 13.5% during the 4th quarter. Creative Planning now owns 95,553 shares of the conglomerate’s stock worth $22,490,000 after acquiring an additional 11,398 shares during the period. Sicart Associates LLC increased its holdings in 3M by 142.5% during the 4th quarter. Sicart Associates LLC now owns 4,255 shares of the conglomerate’s stock worth $1,001,000 after acquiring an additional 2,500 shares during the period. Finally, National Pension Service increased its holdings in 3M by 4.3% during the 4th quarter. National Pension Service now owns 488,273 shares of the conglomerate’s stock worth $114,925,000 after acquiring an additional 20,270 shares during the period. 66.38% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on MMM shares. Goldman Sachs Group raised shares of 3M from a “sell” rating to a “neutral” rating and upped their target price for the stock from $194.00 to $229.00 in a report on Wednesday, October 25th. Stifel Nicolaus upped their target price on shares of 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a report on Wednesday, October 25th. Royal Bank of Canada upped their target price on shares of 3M from $205.00 to $209.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 25th. Argus upped their target price on shares of 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. They noted that the move was a valuation call. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $260.00 price target (up previously from $238.00) on shares of 3M in a research note on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $249.93.
3M Co (NYSE:MMM) traded up $2.32 during mid-day trading on Friday, reaching $225.21. 4,518,613 shares of the company’s stock were exchanged, compared to its average volume of 2,700,000. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. 3M Co has a fifty-two week low of $178.19 and a fifty-two week high of $259.77. The stock has a market cap of $134,140.00, a PE ratio of 28.40, a PEG ratio of 2.09 and a beta of 1.08.
3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter in the prior year, the company earned $1.88 EPS. The firm’s revenue was up 9.0% on a year-over-year basis. sell-side analysts forecast that 3M Co will post 10.6 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a $1.36 dividend. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.42%. 3M’s dividend payout ratio is 59.27%.
In other 3M news, CFO Nicholas C. Gangestad sold 1,681 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $249.76, for a total transaction of $419,846.56. Following the completion of the sale, the chief financial officer now owns 23,562 shares of the company’s stock, valued at approximately $5,884,845.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Ippocratis Vrohidis sold 225 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The disclosure for this sale can be found here. Insiders sold a total of 49,673 shares of company stock valued at $12,420,577 in the last ninety days. 0.58% of the stock is owned by corporate insiders.
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, , 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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