Bruderman Asset Management LLC increased its position in shares of 3M Co. (NYSE:MMM) by 317.5% during the second quarter, Holdings Channel reports. The fund owned 1,716 shares of the company’s stock after buying an additional 1,305 shares during the period. Bruderman Asset Management LLC’s holdings in 3M were worth $300,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. Emerald Acquisition Ltd. bought a new position in 3M during the second quarter worth $179,251,000. Bank of Montreal Can acquired a new stake in shares of 3M during the second quarter worth approximately $135,349,000. Ameriprise Financial Inc. boosted its stake in shares of 3M by 61.3% in the second quarter. Ameriprise Financial Inc. now owns 1,055,278 shares of the company’s stock worth $184,843,000 after buying an additional 401,187 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock worth $661,657,000 after buying an additional 381,798 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in shares of 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock worth $136,753,000 after buying an additional 349,353 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded up 0.64% during midday trading on Monday, hitting $172.42. 323,019 shares of the stock were exchanged. The firm has a 50-day moving average of $177.42 and a 200-day moving average of $173.15. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The company has a market capitalization of $104.21 billion, a P/E ratio of 22.01 and a beta of 0.99.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The firm’s revenue was down .3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.02 earnings per share. On average, equities analysts expect that 3M Co. will post $8.21 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Wednesday, August 17th. 3M’s payout ratio is currently 56.63%.
MMM has been the topic of a number of recent research reports. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Jefferies Group restated a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Credit Suisse Group AG restated a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Morgan Stanley restated a “sell” rating and set a $168.00 price target on shares of 3M in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG restated a “hold” rating and set a $164.00 price target on shares of 3M in a research note on Thursday, August 25th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now owns 10,834 shares in the company, valued at $1,933,002.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the sale, the vice president now owns 1,011 shares in the company, valued at approximately $180,352.29. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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