Covington Investment Advisors Inc. purchased a new stake in 3M Co (NYSE:MMM) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,203 shares of the conglomerate’s stock, valued at approximately $2,459,000.
A number of other institutional investors have also recently bought and sold shares of the business. Schwab Charles Investment Management Inc. grew its stake in shares of 3M by 4.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares during the period. Bredin Investment LLC bought a new stake in shares of 3M in the 4th quarter valued at approximately $2,953,000. California Capital Advisors Inc. grew its stake in shares of 3M by 2.0% in the 4th quarter. California Capital Advisors Inc. now owns 18,396 shares of the conglomerate’s stock valued at $4,330,000 after purchasing an additional 358 shares during the period. Summit X LLC bought a new stake in shares of 3M in the 4th quarter valued at approximately $251,000. Finally, Comprehensive Portfolio Management LLC bought a new stake in shares of 3M in the 4th quarter valued at approximately $377,000. 65.66% of the stock is owned by hedge funds and other institutional investors.
3M opened at $199.41 on Friday, according to Marketbeat Ratings. The company has a market cap of $118.13 billion, a P/E ratio of 21.75, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. 3M Co has a one year low of $191.44 and a one year high of $259.77. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.17 and a current ratio of 1.65.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 24th. The conglomerate reported $2.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $2.50. 3M had a return on equity of 50.11% and a net margin of 12.83%. The business had revenue of $8.28 billion for the quarter, compared to analyst estimates of $8.21 billion. During the same period in the prior year, the company earned $2.16 EPS. 3M’s revenue for the quarter was up 7.7% on a year-over-year basis. analysts forecast that 3M Co will post 10.42 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 12th. Shareholders of record on Friday, May 18th will be issued a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.73%. The ex-dividend date is Thursday, May 17th. 3M’s dividend payout ratio is 59.32%.
Several research firms have recently weighed in on MMM. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective on the stock in a research note on Tuesday, January 30th. Royal Bank of Canada reiterated a “hold” rating and issued a $254.00 price objective on shares of 3M in a research note on Thursday, January 25th. Vetr lowered 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective on the stock. in a research note on Tuesday, February 27th. Barclays began coverage on 3M in a research note on Thursday, February 15th. They issued an “underweight” rating and a $235.00 price objective on the stock. Finally, Deutsche Bank upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $240.00 to $275.00 in a research note on Tuesday, February 13th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $241.97.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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