MJP Associates Inc. ADV grew its stake in 3M (NYSE:MMM – Get Rating) by 17.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,746 shares of the conglomerate’s stock after acquiring an additional 262 shares during the period. MJP Associates Inc. ADV’s holdings in 3M were worth $260,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in MMM. Voloridge Investment Management LLC acquired a new position in 3M during the third quarter valued at approximately $2,244,000. Studio Investment Management LLC acquired a new position in 3M during the third quarter valued at approximately $475,000. Fulton Bank NA grew its holdings in 3M by 0.5% during the fourth quarter. Fulton Bank NA now owns 13,200 shares of the conglomerate’s stock valued at $2,345,000 after purchasing an additional 70 shares during the period. Woodstock Corp grew its holdings in 3M by 0.9% during the fourth quarter. Woodstock Corp now owns 51,748 shares of the conglomerate’s stock valued at $9,192,000 after purchasing an additional 447 shares during the period. Finally, Poehling Capital Management LLC grew its holdings in 3M by 9.6% during the fourth quarter. Poehling Capital Management LLC now owns 1,922 shares of the conglomerate’s stock valued at $341,000 after purchasing an additional 168 shares during the period. 67.22% of the stock is owned by institutional investors.
Several research firms have recently weighed in on MMM. Citigroup reduced their price target on shares of 3M from $157.00 to $151.00 in a report on Wednesday, April 27th. UBS Group reduced their price target on shares of 3M from $168.00 to $118.00 and set a “sell” rating for the company in a report on Friday, March 11th. StockNews.com began coverage on shares of 3M in a report on Thursday, March 31st. They issued a “hold” rating for the company. Credit Suisse Group reduced their price target on shares of 3M from $173.00 to $161.00 and set a “neutral” rating for the company in a report on Wednesday, April 27th. Finally, Barclays reduced their price target on shares of 3M from $155.00 to $146.00 and set an “underweight” rating for the company in a report on Wednesday, April 27th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $164.00.
In other news, CEO Michael F. Roman sold 10,610 shares of the stock in a transaction dated Tuesday, May 3rd. The shares were 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 of the company’s stock, valued at $13,211,681.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mojdeh Poul sold 1,634 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $151.68, for a total transaction of $247,845.12. Following the completion of the transaction, the insider now directly owns 7,637 shares in the company, valued at $ 1,158,380.16. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.
NYSE MMM opened at $130.33 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.00 and a debt-to-equity ratio of 0.99. The firm’s fifty day moving average price is $143.87 and its two hundred day moving average price is $154.54. 3M has a 1-year low of $128.19 and a 1-year high of $203.21. The firm has a market capitalization of $74.17 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.30 and a beta of 0.92.
3M (NYSE: MMM – Get Rating) last posted its quarterly earnings results on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.32. 3M had a net margin of 15.84% and a return on equity of 39.35%. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.75 billion. During the same period in the previous year, the firm posted $2.77 earnings per share. The company’s quarterly revenue was down .6% compared to the same quarter last year. On average, research analysts anticipate that 3M will post 10.84 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Shareholders of record on Friday, May 20th were given a dividend of $1.49 per share. This represents a $5.96 annualized dividend and a yield of 4.57%. The ex-dividend date was Thursday, May 19th. 3M’s dividend payout ratio (DPR) is currently 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; autobody 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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