Sigma Planning Corp boosted its holdings in shares of 3M (NYSE:MMM – Get Rating) by 18.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,684 shares of the conglomerate’s stock after purchasing an additional 5,342 shares during the period. Sigma Planning Corp’s holdings in 3M were worth $5,015,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in shares of 3M by 11.2% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 3,347 shares of the conglomerate’s stock valued at $498,000 after acquiring an additional 337 shares during the period. Sippican Capital Advisors raised its holdings in shares of 3M by 67.7% during the first quarter. Sippican Capital Advisors now owns 1,900 shares of the conglomerate’s stock valued at $283,000 after acquiring an additional 767 shares during the period. Advisors Management Group Inc. ADV raised its holdings in shares of 3M by 2.9% during the first quarter. Advisors Management Group Inc. ADV now owns 6,735 shares of the conglomerate’s stock valued at $1,003,000 after acquiring an additional 189 shares during the period. Monarch Capital Management Inc. raised its holdings in shares of 3M by 3.1% during the first quarter. Monarch Capital Management Inc. now owns 41,273 shares of the conglomerate’s stock valued at $6,145,000 after acquiring an additional 1,244 shares during the period. Finally, Albert D Mason Inc. raised its holdings in shares of 3M by 5.0% during the first quarter. Albert D Mason Inc. now owns 2,008 shares of the conglomerate’s stock valued at $299,000 after acquiring an additional 95 shares during the period. 67.22% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on the stock. Citigroup dropped their price target on shares of 3M from $157.00 to $151.00 in a research note on Wednesday, April 27th. Morgan Stanley dropped their price target on shares of 3M from $150.00 to $145.00 and set an “underweight” rating on the stock in a research note on Thursday, April 7th. Argus downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, April 28th. Wells Fargo & Company reduced their price target on shares of 3M from $156.00 to $140.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, TheStreet downgraded shares of 3M from a “b-” rating to a “c+” rating in a report on Wednesday. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $161.64.
In related news, CEO Michael F. Roman sold 10,610 shares of the stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $146.21, for a total value of $1,551,288.10. Following the transaction, the chief executive officer now directly owns 90,361 shares in the company, valued at approximately $13,211,681.81. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mojdeh Poul sold 1,634 shares of the stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $151.68, for a total value of $247,845.12. Following the completion of the transaction, the insider now owns 7,637 shares in the company, valued at $1,158,380.16. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.
Shares of NYSE MMM opened at $129.41 on Friday. The company has a 50 day simple moving average of $143.00 and a 200 day simple moving average of $154.05. The firm has a market cap of $73.64 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.30 and a beta of 0.92. 3M has a 1-year low of $127.30 and a 1-year high of $203.21. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.58 and a quick ratio of 1.00.
3M (NYSE:MMM – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.32. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.75 billion. 3M had a net margin of 15.84% and a return on equity of 39.35%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter last year, the business earned $2.77 EPS. As a group, research analysts anticipate that 3M will post 10.84 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 12th. Stockholders of record on Friday, May 20th were given a dividend of $1.49 per share. This represents a $5.96 annualized dividend and a dividend yield of 4.61%. The ex-dividend date of this dividend was Thursday, May 19th. 3M’s dividend payout ratio (DPR) is 62.02%.
About 3M: (Get Rating)
3M Company operates as a diversified technology company worldwide. It operates through four segments. Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; auto body repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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