Independence Bank of Kentucky lifted its position in 3M Co (NYSE:MMM) by 382.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,002 shares of the conglomerate’s stock after acquiring an additional 3,172 shares during the quarter. Independence Bank of Kentucky’s holdings in 3M were worth $763,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. IMS Capital Management purchased a new stake in shares of 3M in the 3rd quarter valued at approximately $108,000. Price Capital Management Inc. purchased a new stake in 3M in the 3rd quarter worth approximately $126,000. Psagot Investment House Ltd. purchased a new stake in 3M in the 3rd quarter worth approximately $131,000. Vectors Research Management LLC purchased a new stake in 3M in the 3rd quarter worth approximately $122,000. Finally, Arlington Partners LLC lifted its position in 3M by 177.8% in the 4th quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock worth $119,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 66.08% of the company’s stock.
In other news, Chairman Inge G. Thulin sold 13,499 shares of the stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the transaction, the chairman now owns 230,458 shares in the company, valued at approximately $46,091,600. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.72% of the company’s stock.
A number of equities research analysts have issued reports on MMM shares. Gordon Haskett started coverage on shares of 3M in a research report on Friday, October 12th. They issued a “buy” rating for the company. Credit Suisse Group started coverage on shares of 3M in a research report on Friday, October 12th. They issued an “outperform” rating and a $228.00 target price for the company. Deutsche Bank set a $206.00 target price on shares of 3M and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Royal Bank of Canada cut their target price on shares of 3M to $223.00 and set an “outperform” rating for the company in a research report on Wednesday, October 24th. Finally, UBS Group cut their target price on shares of 3M from $220.00 to $211.00 and set a “hold” rating for the company in a research report on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. 3M currently has an average rating of “Hold” and a consensus price target of $214.57.
Shares of MMM opened at $199.82 on Friday. 3M Co has a 12 month low of $176.87 and a 12 month high of $244.86. The firm has a market cap of $116.35 billion, a PE ratio of 19.10, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06. The company has a current ratio of 1.89, a quick ratio of 1.29 and a debt-to-equity ratio of 1.36.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.03. 3M had a net margin of 16.33% and a return on equity of 57.70%. The company had revenue of $7.95 billion for the quarter, compared to analyst estimates of $7.87 billion. During the same quarter in the prior year, the business posted $2.10 EPS. 3M’s quarterly revenue was down .6% on a year-over-year basis. Equities research analysts forecast that 3M Co will post 10.67 earnings per share for the current fiscal year.
3M declared that its Board of Directors has approved a stock buyback program on Tuesday, November 13th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the conglomerate to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Friday, February 15th will be paid a dividend of $1.44 per share. This is a positive change from 3M’s previous quarterly dividend of $1.36. The ex-dividend date is Thursday, February 14th. This represents a $5.76 annualized dividend and a dividend yield of 2.88%. 3M’s dividend payout ratio is 52.01%.
3M Company 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.
Featured Article: What are the benefits of a balanced fund?
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).