Vaughan David Investments LLC IL grew its stake in shares of 3M Co (NYSE:MMM) by 0.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 134,099 shares of the conglomerate’s stock after purchasing an additional 330 shares during the quarter. 3M comprises about 1.2% of Vaughan David Investments LLC IL’s portfolio, making the stock its 25th biggest holding. Vaughan David Investments LLC IL’s holdings in 3M were worth $28,256,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of the business. Parnassus Investments CA bought a new stake in 3M in the 2nd quarter valued at $706,178,000. Fundsmith Equity Fund L.P. bought a new stake in 3M in the 2nd quarter valued at $668,488,000. Charles Schwab Investment Advisory Inc. bought a new stake in 3M in the 2nd quarter valued at $213,286,000. Bank of New York Mellon Corp boosted its stake in 3M by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after purchasing an additional 537,325 shares during the period. Finally, Morgan Stanley boosted its stake in 3M by 17.3% in the 2nd quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after purchasing an additional 534,001 shares during the period. 67.00% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction on Friday, October 26th. The stock was acquired at an average price of $184.50 per share, with a total value of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares in the company, valued at $276,750. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
Several analysts recently issued reports on the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. UBS Group boosted their price target on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 30th. Deutsche Bank upped their target price on 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research report on Friday, September 28th. Barclays cut their target price on 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a research report on Monday, November 19th. Finally, Morgan Stanley assumed coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $225.16.
Shares of MMM opened at $202.20 on Wednesday. 3M Co has a 12-month low of $181.98 and a 12-month high of $259.77. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $121.07 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 2.06 and a beta of 1.18.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.41 billion. During the same period in the previous year, the company earned $2.33 EPS. 3M’s revenue for the quarter was down .2% on a year-over-year basis. As a group, research analysts forecast that 3M Co will post 9.95 earnings per share for the current fiscal year.
3M declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 13th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd will be issued a $1.36 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a yield of 2.69%. 3M’s payout ratio is presently 59.32%.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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