Lincoln National Corp increased its stake in 3M Co. (NYSE:MMM) by 42.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,995 shares of the company’s stock after buying an additional 891 shares during the period. Lincoln National Corp’s holdings in 3M were worth $525,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. DnB Asset Management AS increased its position in 3M by 79.2% in the first quarter. DnB Asset Management AS now owns 58,832 shares of the company’s stock worth $9,803,000 after buying an additional 26,000 shares during the period. CENTRAL TRUST Co acquired a new position in 3M during the first quarter worth approximately $14,544,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in 3M by 14.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 121,015 shares of the company’s stock worth $20,165,000 after buying an additional 15,626 shares during the period. Exxonmobil Investment Management Inc. TX increased its position in 3M by 6.7% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 147,312 shares of the company’s stock worth $24,547,000 after buying an additional 9,305 shares during the period. Finally, Integrated Investment Consultants LLC increased its position in 3M by 3.7% in the first quarter. Integrated Investment Consultants LLC now owns 2,129 shares of the company’s stock worth $355,000 after buying an additional 75 shares during the period. 65.66% of the stock is currently owned by institutional investors.
3M Co. (NYSE:MMM) traded down 1.20% during mid-day trading on Friday, reaching $177.70. 1,339,557 shares of the company were exchanged. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The firm has a market capitalization of $107.40 billion, a P/E ratio of 22.68 and a beta of 1.07. The stock has a 50-day moving average of $178.88 and a 200 day moving average of $172.17.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the company posted $2.02 earnings per share. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts forecast that 3M Co. will post $8.21 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were given a $1.11 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.44 dividend on an annualized basis and a yield of 2.47%. 3M’s payout ratio is currently 56.63%.
A number of research analysts have commented on MMM shares. Morgan Stanley reissued a “sell” rating and set a $168.00 target price on shares of 3M in a research report on Tuesday, August 23rd. Credit Suisse Group AG reissued a “buy” rating and set a $195.00 target price on shares of 3M in a research report on Friday, September 16th. Deutsche Bank AG reissued a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Jefferies Group raised their target price on shares of 3M from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,933,002.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the sale, the vice president now directly owns 1,011 shares in the company, valued at approximately $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by company 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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