Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in shares of 3M Co (NYSE:MMM) by 2.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 154,799 shares of the conglomerate’s stock after selling 4,083 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in 3M were worth $32,164,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of the company. Quadrant Capital Group LLC lifted its position in shares of 3M by 27.4% during the first quarter. Quadrant Capital Group LLC now owns 8,536 shares of the conglomerate’s stock worth $1,752,000 after purchasing an additional 1,834 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of 3M by 23.1% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 218,150 shares of the conglomerate’s stock worth $45,327,000 after purchasing an additional 40,999 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in 3M by 3.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 235,969 shares of the conglomerate’s stock valued at $49,030,000 after acquiring an additional 7,014 shares in the last quarter. Farmers & Merchants Investments Inc. raised its holdings in 3M by 0.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 36,037 shares of the conglomerate’s stock valued at $7,488,000 after acquiring an additional 141 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in 3M by 1.4% in the first quarter. Daiwa Securities Group Inc. now owns 47,202 shares of the conglomerate’s stock valued at $9,807,000 after acquiring an additional 660 shares in the last quarter. 66.72% of the stock is currently owned by institutional investors and hedge funds.
NYSE:MMM traded down $2.08 during mid-day trading on Friday, hitting $166.77. The stock had a trading volume of 76,844 shares, compared to its average volume of 3,264,487. The company has a quick ratio of 1.38, a current ratio of 2.02 and a debt-to-equity ratio of 1.60. 3M Co has a twelve month low of $159.32 and a twelve month high of $219.75. The stock has a market cap of $96.11 billion, a price-to-earnings ratio of 15.93, a price-to-earnings-growth ratio of 1.78 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). 3M had a return on equity of 57.42% and a net margin of 17.43%. The company had revenue of $7.86 billion for the quarter, compared to analyst estimates of $8.02 billion. During the same period in the previous year, the business posted $2.50 EPS. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. On average, equities analysts anticipate that 3M Co will post 9.31 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $1.44 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $5.76 dividend on an annualized basis and a yield of 3.45%. 3M’s payout ratio is currently 55.07%.
In other 3M news, insider Joaquin Delgado sold 5,400 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the sale, the insider now owns 28,092 shares of the company’s stock, valued at $4,766,650.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Inge G. Thulin sold 5,863 shares of the firm’s stock in a transaction that occurred on Friday, March 29th. The stock was sold at an average price of $207.78, for a total transaction of $1,218,214.14. Following the sale, the chairman now directly owns 268,188 shares in the company, valued at approximately $55,724,102.64. The disclosure for this sale can be found here. In the last three months, insiders have acquired 3,200 shares of company stock worth $559,260. 0.83% of the stock is owned by corporate insiders.
Several brokerages recently weighed in on MMM. Barclays reduced their target price on shares of 3M from $189.00 to $188.00 and set an “underweight” rating on the stock in a report on Wednesday, April 3rd. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. reduced their target price on shares of 3M from $158.00 to $154.00 and set an “underweight” rating on the stock in a report on Friday, March 29th. Morgan Stanley reduced their target price on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a report on Friday, March 22nd. Finally, Gordon Haskett cut shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 target price on the stock. in a report on Monday, April 29th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and an average price target of $191.67.
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3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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