Boston Private Wealth LLC reduced its stake in 3M Co (NYSE:MMM) by 3.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 48,846 shares of the conglomerate’s stock after selling 1,985 shares during the quarter. Boston Private Wealth LLC’s holdings in 3M were worth $10,292,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Community Financial Services Group LLC acquired a new position in shares of 3M during the 2nd quarter worth approximately $1,211,000. Advisory Services Network LLC increased its holdings in shares of 3M by 11.5% during the 2nd quarter. Advisory Services Network LLC now owns 20,121 shares of the conglomerate’s stock worth $4,184,000 after acquiring an additional 2,072 shares during the last quarter. Northstar Group Inc. increased its holdings in shares of 3M by 3.1% during the 2nd quarter. Northstar Group Inc. now owns 8,846 shares of the conglomerate’s stock worth $1,740,000 after acquiring an additional 269 shares during the last quarter. RB Capital Management LLC increased its holdings in shares of 3M by 16.7% during the 2nd quarter. RB Capital Management LLC now owns 4,430 shares of the conglomerate’s stock worth $871,000 after acquiring an additional 634 shares during the last quarter. Finally, First National Trust Co increased its holdings in shares of 3M by 2.8% during the 2nd quarter. First National Trust Co now owns 49,156 shares of the conglomerate’s stock worth $9,670,000 after acquiring an additional 1,344 shares during the last quarter. Hedge funds and other institutional investors own 67.00% of the company’s stock.
MMM has been the topic of a number of recent analyst reports. Credit Suisse Group initiated coverage on 3M in a report on Friday, October 12th. They set an “outperform” rating and a $228.00 target price on the stock. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Monday, October 29th. Barclays decreased their price objective on 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a report on Wednesday, October 24th. Citigroup decreased their price objective on 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Finally, Morgan Stanley initiated coverage on 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price objective on the stock. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $225.16.
Shares of NYSE MMM opened at $202.20 on Wednesday. The firm has a market capitalization of $121.07 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 2.05 and a beta of 1.18. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. 3M Co has a one year low of $181.98 and a one year high of $259.77.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The business’s revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.33 earnings per share. Equities analysts forecast that 3M Co will post 9.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be given a dividend of $1.36 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.69%. 3M’s payout ratio is 59.32%.
3M announced that its board has authorized a share repurchase plan on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $184.50 per share, with a total value of $184,500.00. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.
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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