Weatherly Asset Management L. P. increased its stake in 3M Co. (NYSE:MMM) by 53.5% during the second quarter, Holdings Channel reports. The institutional investor owned 23,104 shares of the company’s stock after buying an additional 8,049 shares during the period. Weatherly Asset Management L. P.’s holdings in 3M were worth $2,212,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of MMM. Emerald Acquisition Ltd. bought a new stake in 3M during the second quarter valued at about $179,251,000. Bank of Montreal Can bought a new stake in 3M during the second quarter valued at about $135,349,000. Wellington Management Group LLP raised its stake in 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock valued at $661,657,000 after buying an additional 381,798 shares in the last quarter. 1832 Asset Management L.P. raised its stake in 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock valued at $136,753,000 after buying an additional 349,353 shares in the last quarter. Finally, BlackRock Group LTD raised its stake in 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock valued at $831,988,000 after buying an additional 297,153 shares in the last quarter. Institutional investors own 65.66% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 1.37% during trading on Friday, hitting $177.39. 1,910,978 shares of the company’s stock were exchanged. The stock has a market cap of $107.21 billion, a PE ratio of 22.64 and a beta of 1.07. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The stock’s 50-day moving average price is $178.87 and its 200-day moving average price is $172.29.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share 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 analyst estimates of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company’s revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.02 earnings per share. On average, equities analysts expect that 3M Co. will post $8.21 earnings per share for the current fiscal 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 $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.50%. The ex-dividend date was Wednesday, August 17th. 3M’s payout ratio is presently 56.63%.
MMM has been the topic of several research analyst reports. Credit Suisse Group AG restated a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Morgan Stanley restated a “sell” rating on shares of 3M in a research report on Friday, June 10th. Jefferies Group restated a “buy” rating on shares of 3M in a research report on Wednesday, July 6th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. 3M presently has an average rating of “Hold” and an average target price of $167.11.
In related news, insider Paul A. Keel sold 3,180 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $567,280.20. Following the transaction, the insider now directly owns 9,961 shares in the company, valued at $1,776,942.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the transaction, the vice president now owns 1,011 shares in the company, valued at $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.
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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