Country Trust Bank cut its holdings in 3M Co (NYSE:MMM) by 25.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,327 shares of the conglomerate’s stock after selling 22,145 shares during the quarter. Country Trust Bank’s holdings in 3M were worth $13,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Nwam LLC boosted its position in 3M by 1.0% during the 1st quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock valued at $1,216,000 after acquiring an additional 57 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of 3M by 9.3% during the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 1,433 shares of the conglomerate’s stock valued at $298,000 after purchasing an additional 122 shares during the last quarter. Cohen Klingenstein LLC lifted its holdings in shares of 3M by 280.4% during the first quarter. Cohen Klingenstein LLC now owns 58,200 shares of the conglomerate’s stock valued at $12,093,000 after purchasing an additional 42,900 shares during the last quarter. BTIM Corp. lifted its holdings in shares of 3M by 3.7% during the first quarter. BTIM Corp. now owns 478,563 shares of the conglomerate’s stock valued at $99,436,000 after purchasing an additional 17,080 shares during the last quarter. Finally, Jentner Corp purchased a new position in shares of 3M during the first quarter valued at approximately $254,000. 66.72% of the stock is currently owned by institutional investors.
A number of equities analysts recently weighed in on the stock. Wolfe Research set a $174.00 price objective on shares of 3M and gave the stock a “sell” rating in a report on Friday, April 26th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Morgan Stanley decreased their price objective on shares of 3M from $184.00 to $172.00 and set an “equal weight” rating for the company in a report on Friday, May 24th. Barclays restated a “sell” rating and issued a $162.00 price objective on shares of 3M in a report on Thursday, June 6th. Finally, Citigroup decreased their price objective on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $191.67.
MMM traded down $2.16 during mid-day trading on Friday, reaching $166.69. 2,719,100 shares of the company traded hands, compared to its average volume of 2,758,683. 3M Co has a 52-week low of $159.32 and a 52-week high of $219.75. The company has a current ratio of 2.02, a quick ratio of 1.38 and a debt-to-equity ratio of 1.60. The firm has a market cap of $96.09 billion, a PE ratio of 15.94, a P/E/G ratio of 1.78 and a beta of 1.08.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). 3M had a net margin of 17.43% and a return on equity of 57.42%. The business had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $8.02 billion. During the same period in the previous year, the firm earned $2.50 EPS. The company’s revenue was down 5.0% on a year-over-year basis. As a group, research analysts forecast that 3M Co will post 9.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is 55.07%.
In related news, insider Joaquin Delgado sold 5,400 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the transaction, the insider now owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was purchased at an average cost of $179.60 per share, with a total value of $179,600.00. Following the acquisition, the director now directly owns 3,000 shares in the company, valued at approximately $538,800. The disclosure for this purchase can be found here. In the last three months, insiders have bought 3,200 shares of company stock valued at $559,260. Insiders own 0.83% of the company’s stock.
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3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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