Virginia Retirement Systems ET AL lessened its holdings in shares of 3M Co (NYSE:MMM) by 45.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 120,800 shares of the conglomerate’s stock after selling 100,800 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in 3M were worth $23,764,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Sigma Planning Corp boosted its position in shares of 3M by 3.3% during the 2nd quarter. Sigma Planning Corp now owns 15,622 shares of the conglomerate’s stock valued at $3,073,000 after acquiring an additional 504 shares during the last quarter. West Branch Capital LLC acquired a new position in shares of 3M during the 2nd quarter valued at about $566,000. Biondo Investment Advisors LLC boosted its position in shares of 3M by 4.9% during the 2nd quarter. Biondo Investment Advisors LLC now owns 24,717 shares of the conglomerate’s stock valued at $4,895,000 after acquiring an additional 1,145 shares during the last quarter. IFG Advisory LLC boosted its position in shares of 3M by 6.0% during the 2nd quarter. IFG Advisory LLC now owns 7,400 shares of the conglomerate’s stock valued at $1,455,000 after acquiring an additional 418 shares during the last quarter. Finally, HC Financial Advisors Inc. acquired a new position in shares of 3M during the 2nd quarter valued at about $1,254,000. 67.16% of the stock is currently owned by institutional investors.
Shares of NYSE:MMM opened at $204.77 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56. The stock has a market cap of $118.47 billion, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. 3M Co has a 1 year low of $190.57 and a 1 year high of $259.77.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.58 by $0.01. The company had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.58 earnings per share. analysts anticipate that 3M Co will post 10.37 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Friday, August 24th will be paid a dividend of $1.36 per share. The ex-dividend date of this dividend is Thursday, August 23rd. This represents a $5.44 dividend on an annualized basis and a yield of 2.66%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
Several brokerages recently issued reports on MMM. Jefferies Financial Group lowered shares of 3M from a “buy” rating to a “hold” rating and reduced their price objective for the company from $259.77 to $200.00 in a report on Wednesday, May 16th. Argus reduced their price objective on shares of 3M from $285.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 25th. Royal Bank of Canada upgraded shares of 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 price objective on the stock in a report on Thursday, May 3rd. They noted that the move was a valuation call. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, June 26th. Finally, Barclays reduced their price objective on shares of 3M from $230.00 to $210.00 and set an “underweight” rating on the stock in a report on Wednesday, April 25th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. 3M has a consensus rating of “Hold” and an average price target of $234.03.
In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the business’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.
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.
Read More: Earnings Per Share
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.