The Manufacturers Life Insurance Company decreased its holdings in shares of 3M Co (NYSE:MMM) by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 552,513 shares of the conglomerate’s stock after selling 41,621 shares during the period. The Manufacturers Life Insurance Company owned about 0.09% of 3M worth $130,045,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Advisor Partners LLC grew its position in 3M by 4.6% in the 3rd quarter. Advisor Partners LLC now owns 17,127 shares of the conglomerate’s stock valued at $3,595,000 after buying an additional 747 shares in the last quarter. LMR Partners LLP acquired a new stake in 3M in the 4th quarter valued at about $1,916,000. Griffin Asset Management Inc. lifted its holdings in 3M by 51.7% in the 3rd quarter. Griffin Asset Management Inc. now owns 27,576 shares of the conglomerate’s stock valued at $5,788,000 after acquiring an additional 9,394 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. acquired a new stake in 3M in the 4th quarter valued at about $254,000. Finally, Personal Capital Advisors Corp lifted its holdings in 3M by 4.3% in the 4th quarter. Personal Capital Advisors Corp now owns 173,433 shares of the conglomerate’s stock valued at $40,821,000 after acquiring an additional 7,120 shares during the last quarter. Hedge funds and other institutional investors own 66.89% of the company’s stock.
A number of brokerages have weighed in on MMM. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price target for the company in a report on Monday, January 15th. Vetr lowered shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective for the company. in a research note on Tuesday, February 27th. UBS Group assumed coverage on shares of 3M in a research note on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 price objective for the company. JPMorgan Chase & Co. restated an “underweight” rating and issued a $221.00 price objective (up previously from $208.00) on shares of 3M in a report on Thursday, January 18th. Finally, Deutsche Bank increased their price objective on 3M from $180.00 to $240.00 and gave the stock a “hold” rating in a report on Wednesday, January 10th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $254.02.
In other news, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the completion of the sale, the chairman now directly owns 253,873 shares of the company’s stock, valued at $63,757,665.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Ippocratis Vrohidis sold 225 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.68, for a total value of $56,178.00. The disclosure for this sale can be found here. Insiders sold 52,806 shares of company stock valued at $13,162,628 over the last three months. 0.58% of the stock is owned by company insiders.
Shares of 3M Co (NYSE:MMM) traded down $3.28 during mid-day trading on Wednesday, reaching $234.29. The company’s stock had a trading volume of 2,238,526 shares, compared to its average volume of 2,612,814. 3M Co has a one year low of $188.62 and a one year high of $259.77. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86. The firm has a market capitalization of $139,900.00, a P/E ratio of 25.55, a PEG ratio of 2.23 and a beta of 1.10.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. During the same quarter last year, the company posted $1.88 earnings per share. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. sell-side analysts expect that 3M Co will post 10.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were given a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.32%. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently 59.32%.
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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