HL Financial Services LLC grew its position in shares of 3M Co (NYSE:MMM) by 3.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 189,256 shares of the conglomerate’s stock after purchasing an additional 6,053 shares during the quarter. HL Financial Services LLC’s holdings in 3M were worth $39,878,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in shares of 3M by 10.9% during the first quarter. Principal Financial Group Inc. now owns 1,327,100 shares of the conglomerate’s stock worth $291,326,000 after purchasing an additional 130,527 shares in the last quarter. V Wealth Management LLC increased its position in 3M by 14.9% in the 2nd quarter. V Wealth Management LLC now owns 2,427 shares of the conglomerate’s stock valued at $488,000 after acquiring an additional 314 shares during the period. Wendell David Associates Inc. increased its position in 3M by 7.8% in the 2nd quarter. Wendell David Associates Inc. now owns 12,214 shares of the conglomerate’s stock valued at $2,403,000 after acquiring an additional 880 shares during the period. Assenagon Asset Management S.A. increased its position in 3M by 318.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 46,759 shares of the conglomerate’s stock valued at $9,198,000 after acquiring an additional 35,578 shares during the period. Finally, Liberty Capital Management Inc. increased its position in 3M by 14.3% in the 2nd quarter. Liberty Capital Management Inc. now owns 2,749 shares of the conglomerate’s stock valued at $541,000 after acquiring an additional 344 shares during the period. Hedge funds and other institutional investors own 67.69% of the company’s stock.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the sale, the insider now owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory R. Page acquired 1,000 shares of the stock in a transaction on Friday, October 26th. The stock was acquired at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.
Several equities analysts recently issued reports on MMM shares. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. Morgan Stanley started coverage on 3M in a research report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target on the stock. UBS Group boosted their price target on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, August 30th. Gordon Haskett started coverage on 3M in a research report on Friday, October 12th. They issued a “buy” rating on the stock. Finally, Deutsche Bank boosted their price target on 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research report on Friday, September 28th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $225.23.
Shares of MMM opened at $198.37 on Wednesday. 3M Co has a twelve month low of $181.98 and a twelve month high of $259.77. The company has a market capitalization of $114.73 billion, a price-to-earnings ratio of 21.63, a price-to-earnings-growth ratio of 1.93 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The business had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same period in the prior year, the firm posted $2.33 EPS. 3M’s revenue for the quarter was down .2% compared to the same quarter last year. Analysts expect that 3M Co will post 10.02 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.74%. 3M’s dividend payout ratio is presently 59.32%.
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3M Company Profile
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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