Successful Portfolios LLC boosted its position in 3M Co (NYSE:MMM) by 6.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,687 shares of the conglomerate’s stock after buying an additional 213 shares during the quarter. Successful Portfolios LLC’s holdings in 3M were worth $606,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. M. Kraus & Co grew its stake in 3M by 5.2% in the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock valued at $629,000 after buying an additional 179 shares during the last quarter. Edgestream Partners L.P. grew its stake in 3M by 3,427.1% in the 2nd quarter. Edgestream Partners L.P. now owns 45,500 shares of the conglomerate’s stock valued at $7,887,000 after buying an additional 44,210 shares during the last quarter. Schafer Cullen Capital Management Inc grew its stake in 3M by 26.8% in the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock valued at $102,384,000 after buying an additional 124,665 shares during the last quarter. Hikari Power Ltd grew its stake in 3M by 3.9% in the 2nd quarter. Hikari Power Ltd now owns 193,600 shares of the conglomerate’s stock valued at $33,559,000 after buying an additional 7,270 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in 3M by 26.8% in the 2nd quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock valued at $77,840,000 after buying an additional 94,863 shares during the last quarter. Institutional investors and hedge funds own 66.77% of the company’s stock.
A number of research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 target price on the stock in a research note on Monday, July 29th. UBS Group reduced their price target on shares of 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a report on Thursday. Credit Suisse Group increased their price target on shares of 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Finally, Barclays reduced their price target on shares of 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $182.15.
In other news, insider John Patrick Banovetz sold 1,040 shares of the firm’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 completion of the transaction, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.83% of the stock is owned by corporate insiders.
3M stock traded up $5.79 during mid-day trading on Friday, reaching $158.10. The company had a trading volume of 4,670,205 shares, compared to its average volume of 2,765,893. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. 3M Co has a 52 week low of $150.58 and a 52 week high of $219.75. The company has a 50 day moving average of $161.81 and a 200-day moving average of $175.86. The firm has a market cap of $86.72 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 1.70 and a beta of 1.11.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the prior year, the firm earned $2.59 EPS. The business’s revenue was down 2.6% on a year-over-year basis. On average, analysts predict that 3M Co will post 9.32 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 16th were issued a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Thursday, August 15th. 3M’s dividend payout ratio (DPR) is presently 55.07%.
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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