Global Financial Private Capital LLC lessened its stake in shares of 3M Co (NYSE:MMM) by 42.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,813 shares of the conglomerate’s stock after selling 2,805 shares during the quarter. Global Financial Private Capital LLC’s holdings in 3M were worth $750,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Rainier Group Investment Advisory LLC purchased a new position in shares of 3M in the 1st quarter valued at about $114,000. Quattro Financial Advisors LLC purchased a new position in shares of 3M in the 1st quarter valued at about $119,000. Ballew Advisors Inc purchased a new position in shares of 3M in the 1st quarter valued at about $122,000. Stelac Advisory Services LLC purchased a new position in shares of 3M in the 1st quarter valued at about $125,000. Finally, BDO Wealth Advisors LLC increased its stake in shares of 3M by 359.4% in the 1st quarter. BDO Wealth Advisors LLC now owns 712 shares of the conglomerate’s stock valued at $156,000 after purchasing an additional 557 shares in the last quarter. 67.16% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on MMM shares. Argus cut their price target on 3M from $285.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 25th. Citigroup set a $263.00 price target on 3M and gave the company a “buy” rating in a research note on Saturday, June 9th. Royal Bank of Canada restated a “buy” rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, July 25th. Morgan Stanley started coverage on 3M in a research note on Monday. They issued an “equal weight” rating for the company. Finally, MED lowered 3M from a “buy” rating to a “hold” rating and set a $208.00 price target for the company. in a research note on Thursday, July 12th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus price target of $234.03.
In related news, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.72% of the company’s stock.
MMM stock opened at $204.60 on Tuesday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56. 3M Co has a 12-month low of $190.57 and a 12-month high of $259.77. The stock has a market capitalization of $118.47 billion, a P/E ratio of 22.31, a PEG ratio of 1.91 and a beta of 1.17.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The company had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. During the same period in the previous year, the firm posted $2.58 EPS. 3M’s revenue was up 7.4% compared to the same quarter last year. analysts expect that 3M Co will post 10.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 12th. Investors of record on Friday, August 24th will be issued a $1.36 dividend. This represents a $5.44 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Thursday, August 23rd. 3M’s payout ratio is 59.32%.
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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