Royce & Associates LP lowered its position in shares of 3M Co. (NYSE:MMM) by 57.5% during the second quarter, Holdings Channel reports. The fund owned 11,000 shares of the company’s stock after selling 14,900 shares during the period. Royce & Associates LP’s holdings in 3M were worth $1,926,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. V Wealth Management LLC bought a new stake in shares of 3M during the first quarter worth $273,000. Traynor Capital Management Inc. raised its stake in 3M by 18.9% in the first quarter. Traynor Capital Management Inc. now owns 5,774 shares of the company’s stock valued at $962,000 after buying an additional 917 shares in the last quarter. Sigma Planning Corp raised its stake in 3M by 1.3% in the first quarter. Sigma Planning Corp now owns 8,661 shares of the company’s stock valued at $1,443,000 after buying an additional 114 shares in the last quarter. McQueen Ball & Associates Inc. raised its stake in 3M by 0.9% in the first quarter. McQueen Ball & Associates Inc. now owns 14,061 shares of the company’s stock valued at $2,343,000 after buying an additional 131 shares in the last quarter. Finally, Bridge Creek Capital Management LLC acquired a new stake in 3M during the first quarter valued at approximately $379,000. Institutional investors own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded up 0.60% during trading on Friday, hitting $176.42. 1,140,725 shares of the company traded hands. The company’s 50-day moving average is $178.61 and its 200 day moving average is $172.74. The firm has a market cap of $106.63 billion, a price-to-earnings ratio of 22.52 and a beta of 1.07. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27.
3M (NYSE:MMM) last issued its earnings results 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 firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations 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 company earned $2.02 earnings per share. On average, equities analysts anticipate that 3M Co. will post $8.21 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors 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 yield of 2.53%. 3M’s dividend payout ratio (DPR) is 56.63%.
Several equities research analysts have recently commented on MMM shares. Credit Suisse Group AG restated a “buy” rating and issued a $195.00 price target on shares of 3M in a report on Friday, September 16th. Jefferies Group boosted their price target on shares of 3M from $190.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. Deutsche Bank AG restated a “hold” rating and issued a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Finally, Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul A. Keel sold 3,180 shares of the 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 $567,280.20. Following the completion of the transaction, the insider now owns 9,961 shares in the company, valued at $1,776,942.79. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate 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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