East Coast Asset Management LLC. cut its stake in shares of 3M Co (NYSE:MMM) by 5.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,673 shares of the conglomerate’s stock after selling 355 shares during the quarter. East Coast Asset Management LLC.’s holdings in 3M were worth $1,335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of MMM. APG Asset Management N.V. lifted its holdings in 3M by 128.1% in the 4th quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock worth $279,776,000 after buying an additional 801,639 shares during the period. BlackRock Inc. lifted its holdings in 3M by 1.4% in the 4th quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock worth $9,139,087,000 after buying an additional 521,880 shares during the period. Bank of Montreal Can lifted its holdings in 3M by 38.9% in the 4th quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock worth $218,981,000 after buying an additional 260,349 shares during the period. Teacher Retirement System of Texas lifted its holdings in 3M by 229.3% in the 4th quarter. Teacher Retirement System of Texas now owns 363,943 shares of the conglomerate’s stock worth $85,661,000 after buying an additional 253,420 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in 3M by 8.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock worth $476,476,000 after buying an additional 159,668 shares during the period. Institutional investors own 66.89% of the company’s stock.
In related news, VP Ippocratis Vrohidis sold 225 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.68, for a total transaction of $56,178.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hak Cheol Shin sold 8,385 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $247.20, for a total value of $2,072,772.00. Following the transaction, the insider now directly owns 120,105 shares of the company’s stock, valued at approximately $29,689,956. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,806 shares of company stock valued at $13,162,628. 0.58% of the stock is owned by corporate insiders.
3M Co (MMM) opened at $234.29 on Thursday. 3M Co has a 52-week low of $188.62 and a 52-week high of $259.77. The stock has a market capitalization of $141,472.94, a P/E ratio of 25.91, a PEG ratio of 2.21 and a beta of 1.10. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33.
3M (NYSE:MMM) last announced its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same quarter in the prior year, the company earned $1.88 EPS. The business’s revenue was up 9.0% compared to the same quarter last year. research analysts expect that 3M Co will post 10.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were given a $1.36 dividend. The ex-dividend date was Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.32%. This is a positive change from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio is currently 68.69%.
Several research firms have weighed in on MMM. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $271.00 price objective for the company in a report on Monday, January 15th. Vetr cut 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective for the company. in a report on Tuesday, February 27th. UBS Group began coverage on 3M in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 price objective for the company. JPMorgan Chase & Co. reiterated 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 issued a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $254.02.
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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