Good Life Advisors LLC cut its position in shares of 3M Company (NYSE:MMM) by 13.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,622 shares of the conglomerate’s stock after selling 253 shares during the quarter. Good Life Advisors LLC’s holdings in 3M were worth $310,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Jackson Grant Investment Advisers Inc. increased its stake in 3M by 0.6% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares during the last quarter. Founders Capital Management LLC increased its stake in 3M by 0.4% during the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock worth $371,000 after acquiring an additional 8 shares during the last quarter. Baystate Wealth Management LLC increased its stake in 3M by 0.6% during the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock worth $370,000 after acquiring an additional 11 shares during the last quarter. Capital Management Corp VA increased its stake in 3M by 0.3% during the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock worth $753,000 after acquiring an additional 11 shares during the last quarter. Finally, Smith Chas P & Associates PA Cpas increased its stake in 3M by 0.7% during the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock worth $374,000 after acquiring an additional 13 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.
Several equities research analysts have commented on the company. Jefferies Group LLC restated a “buy” rating and set a $234.00 price target on shares of 3M in a research note on Wednesday, August 16th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research note on Thursday, June 15th. Stifel Nicolaus restated a “hold” rating and set a $210.00 price target on shares of 3M in a research note on Friday, July 28th. Royal Bank Of Canada reiterated a “hold” rating and issued a $209.00 target price on shares of 3M in a research note on Friday, September 15th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $227.00 target price on shares of 3M in a research note on Thursday, September 14th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $207.35.
In other news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, the insider now owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. Insiders sold 9,112 shares of company stock worth $1,878,890 over the last quarter. 0.58% of the stock is currently owned by corporate insiders.
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3M Company (MMM) opened at 210.76 on Friday. The company has a 50-day moving average price of $206.16 and a 200-day moving average price of $201.42. The stock has a market cap of $125.77 billion, a P/E ratio of 24.04 and a beta of 1.08. 3M Company has a one year low of $163.85 and a one year high of $214.65.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). The business had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.08 earnings per share. On average, analysts anticipate that 3M Company will post $8.95 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were paid a $1.175 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.23%. 3M’s payout ratio is presently 53.59%.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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