Oppenheimer & Co. Inc. boosted its stake in 3M Co. (NYSE:MMM) by 3.4% during the second quarter, Holdings Channel reports. The fund owned 56,198 shares of the company’s stock after buying an additional 1,855 shares during the period. Oppenheimer & Co. Inc.’s holdings in 3M were worth $9,841,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. CENTRAL TRUST Co raised its stake in 3M by 0.3% in the second quarter. CENTRAL TRUST Co now owns 87,548 shares of the company’s stock valued at $15,331,000 after buying an additional 266 shares during the last quarter. FineMark National Bank & Trust raised its stake in 3M by 45.7% in the second quarter. FineMark National Bank & Trust now owns 34,900 shares of the company’s stock valued at $6,111,000 after buying an additional 10,947 shares during the last quarter. Ameriprise Financial Inc. raised its stake in 3M by 61.3% in the second quarter. Ameriprise Financial Inc. now owns 1,055,278 shares of the company’s stock valued at $184,843,000 after buying an additional 401,187 shares during the last quarter. Somerville Kurt F raised its stake in 3M by 1.2% in the second quarter. Somerville Kurt F now owns 108,017 shares of the company’s stock valued at $18,916,000 after buying an additional 1,315 shares during the last quarter. Finally, Gardiner Nancy B raised its stake in 3M by 13.6% in the second quarter. Gardiner Nancy B now owns 7,797 shares of the company’s stock valued at $1,367,000 after buying an additional 935 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) traded up 0.2309% during mid-day trading on Wednesday, hitting $172.0764. 999,381 shares of the stock were exchanged. 3M Co. has a one year low of $134.64 and a one year high of $182.27. The company has a 50-day moving average of $178.07 and a 200 day moving average of $173.12. The stock has a market cap of $104.00 billion, a PE ratio of 21.9625 and a beta of 0.99.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the 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 the consensus estimate of $7.73 billion. During the same quarter in the prior year, the firm earned $2.02 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities analysts predict that 3M Co. will post $8.21 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were paid 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 56.63%.
A number of brokerages recently weighed in on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $195.00 price target on shares of 3M in a research note on Friday, September 16th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $164.00 price target on shares of 3M in a research note on Thursday, August 25th. Morgan Stanley reaffirmed a “sell” rating and issued a $168.00 price target on shares of 3M in a research note on Tuesday, August 23rd. Finally, Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $167.11.
In related news, insider Paul A. Keel sold 3,180 shares of the company’s 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 transaction, the insider now owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James L. Bauman sold 9,066 shares of the company’s 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 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. Corporate 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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