Greylin Investment Mangement Inc. bought a new position in 3M Co (NYSE:MMM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,275 shares of the conglomerate’s stock, valued at approximately $210,000.
A number of other large investors also recently made changes to their positions in MMM. Kempen Capital Management N.V. bought a new stake in 3M in the second quarter worth $25,000. Weaver Consulting Group bought a new stake in 3M in the first quarter worth $32,000. Arcus Capital Partners LLC bought a new stake in 3M in the second quarter worth $35,000. SRS Capital Advisors Inc. bought a new position in shares of 3M during the second quarter valued at about $37,000. Finally, Meridian Wealth Management LLC bought a new position in shares of 3M during the first quarter valued at about $38,000. Institutional investors own 66.77% of the company’s stock.
In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.83% of the stock is owned by insiders.
Shares of NYSE MMM traded up $6.46 during midday trading on Friday, hitting $158.77. 2,866,097 shares of the company traded hands, compared to its average volume of 2,765,893. 3M Co has a 12-month low of $150.58 and a 12-month high of $219.75. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The stock has a 50-day moving average price of $161.81 and a 200 day moving average price of $175.86. The firm has a market cap of $86.72 billion, a P/E ratio of 15.18, a P/E/G ratio of 1.70 and a beta of 1.11.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the previous year, the company earned $2.59 earnings per share. 3M’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, equities analysts expect that 3M Co will post 9.32 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were given a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 3.63%. The ex-dividend date was Thursday, August 15th. 3M’s dividend payout ratio is currently 55.07%.
Several equities analysts have recently commented on MMM shares. Royal Bank of Canada set a $179.00 price objective on shares of 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective for the company in a research note on Monday, July 29th. UBS Group lowered their price objective on shares of 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. JPMorgan Chase & Co. upped their price objective on shares of 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research note on Thursday. Finally, Bank of America lowered their price objective on shares of 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus target price of $182.15.
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.
Further Reading: Net Margin
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.