Coho Partners Ltd. boosted its position in 3M Co. (NYSE:MMM) by 9.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 584,805 shares of the company’s stock after buying an additional 51,915 shares during the period. 3M comprises approximately 3.7% of Coho Partners Ltd.’s holdings, making the stock its 12th largest position. Coho Partners Ltd. owned about 0.10% of 3M worth $102,411,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC raised its position in 3M by 5.0% in the first quarter. Geode Capital Management LLC now owns 5,330,612 shares of the company’s stock worth $886,575,000 after buying an additional 251,776 shares during the period. TIAA CREF Investment Management LLC raised its position in 3M by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 5,008,441 shares of the company’s stock worth $834,557,000 after buying an additional 60,719 shares during the period. BlackRock Group LTD raised its position in 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock worth $831,988,000 after buying an additional 297,153 shares during the period. Wellington Management Group LLP raised its position in 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 period. Finally, American Century Companies Inc. raised its position in 3M by 10.8% in the second quarter. American Century Companies Inc. now owns 2,836,134 shares of the company’s stock worth $496,664,000 after buying an additional 276,535 shares during the period. 65.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 1.37% during midday trading on Friday, reaching $177.39. The company’s stock had a trading volume of 1,910,978 shares. The firm has a market capitalization of $107.21 billion, a price-to-earnings ratio of 22.64 and a beta of 1.07. The firm’s 50 day moving average is $178.87 and its 200 day moving average is $172.29. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.02 earnings per share. Equities analysts forecast that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a $1.11 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.44 annualized dividend and a dividend yield of 2.50%. 3M’s dividend payout ratio is currently 56.63%.
A number of equities analysts have weighed in on the company. Morgan Stanley reissued a “sell” rating on shares of 3M in a research note on Friday, June 10th. Credit Suisse Group AG reissued an “outperform” rating and set a $186.00 price objective (up previously from $178.00) on shares of 3M in a research note on Thursday, July 28th. Jefferies Group reissued a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and an average target price of $167.11.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at $180,352.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the transaction, the insider now directly owns 10,834 shares in the company, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
3M Company Profile
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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