SRS Capital Advisors Inc. boosted its holdings in 3M Company (NYSE:MMM) by 42.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,069 shares of the conglomerate’s stock after purchasing an additional 318 shares during the quarter. SRS Capital Advisors Inc.’s holdings in 3M were worth $204,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. lifted its stake in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares during the last quarter. Karp Capital Management Corp lifted its stake in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after buying an additional 493,230 shares during the last quarter. Swiss National Bank lifted its stake in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Finally, State of Tennessee Treasury Department lifted its stake in 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock valued at $87,828,000 after buying an additional 220,741 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.
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In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is currently owned by insiders.
3M Company (NYSE:MMM) opened at 210.76 on Friday. The firm has a market capitalization of $125.77 billion, a price-to-earnings 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. The stock’s 50 day moving average price is $206.16 and its 200-day moving average price is $201.42.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The firm had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.08 earnings per share. On average, equities research analysts expect that 3M Company will post $8.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were issued a dividend of $1.175 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a yield of 2.23%. 3M’s payout ratio is currently 53.59%.
A number of brokerages recently weighed in on MMM. Morgan Stanley lifted their price objective on shares of 3M from $178.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, June 9th. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Stifel Nicolaus reaffirmed a “hold” rating and set a $202.00 target price on shares of 3M in a report on Wednesday, July 19th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research note on Monday, June 19th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $209.00 price target (down previously from $210.00) on shares of 3M in a research note on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $207.35.
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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