Sigma Investment Counselors Inc. decreased its position in 3M (NYSE:MMM – Get Rating) by 13.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,438 shares of the conglomerate’s stock after selling 216 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in 3M were worth $214,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. DB Fitzpatrick & Co Inc purchased a new stake in shares of 3M during the fourth quarter worth about $29,000. Ritter Daniher Financial Advisory LLC raised its stake in shares of 3M by 98.9% in the 4th quarter. Ritter Daniher Financial Advisory LLC now owns 179 shares of the conglomerate’s stock valued at $32,000 after purchasing an additional 89 shares during the last quarter. Atticus Wealth Management LLC bought a new stake in shares of 3M in the 4th quarter valued at approximately $36,000. US Asset Management LLC bought a new stake in shares of 3M in the 1st quarter valued at approximately $34,000. Finally, Iron Horse Wealth Management LLC lifted its stake in shares of 3M by 125.0% during the 1st quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock worth $43,000 after acquiring an additional 160 shares during the last quarter. 67.22% of the stock is currently owned by institutional investors.
Several research analysts have commented on MMM shares. Jefferies Financial Group reduced their price objective on 3M from $161.00 to $145.00 in a report on Thursday, June 16th. Royal Bank of Canada lifted their price target on 3M from $136.00 to $138.00 and gave the company an “underperform” rating in a report on Wednesday, April 27th. Deutsche Bank Aktiengesellschaft dropped their target price on 3M from $167.00 to $164.00 and set a “hold” rating on the stock in a research note on Wednesday, April 27th. Wells Fargo & Company lowered their price target on 3M from $156.00 to $140.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Citigroup lowered their price target on 3M from $157.00 to $151.00 in a research report on Wednesday, April 27th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target 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 owns 90,361 shares of the company’s stock, valued at $13,211,681.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mojdeh Poul sold 1,634 shares of the stock in a transaction on Tuesday, May 17th. The shares were 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 directly owns 7,637 shares in the company, valued at approximately $1,158,380.16. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.
NYSE:MMM opened at $129.77 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.58 and a debt-to-equity ratio of 0.99. The stock’s fifty day moving average is $143.45 and its two hundred day moving average is $154.37. 3M has a 52 week low of $128.19 and a 52 week high of $203.21. The stock has a market capitalization of $73.85 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 1.30 and a beta of 0.92.
3M (NYSE:MMM – Get Rating) last announced its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.32. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.75 billion. 3M had a return on equity of 39.35% and a net margin of 15.84%. The company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the company earned $2.77 earnings per share. On average, sell-side analysts expect that 3M will post 10.84 EPS 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 paid a $1.49 dividend. This represents a $5.96 annualized dividend and a dividend yield of 4.59%. The ex-dividend date of this dividend was Thursday, May 19th. 3M’s payout ratio 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; 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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