3M Co (MMM) Stake Raised by Vaughan David Investments LLC IL

3M Co (MMM) Stake Raised by Vaughan David Investments LLC IL

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 Profile

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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