Bank of Montreal Can purchased a new stake in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 772,895 shares of the company’s stock, valued at approximately $135,349,000.
Other institutional investors have also modified their holdings of the company. Telemus Capital LLC increased its stake in 3M by 4.0% in the first quarter. Telemus Capital LLC now owns 23,003 shares of the company’s stock valued at $3,833,000 after buying an additional 877 shares in the last quarter. Sanders Morris Harris Inc. purchased a new stake in 3M during the first quarter valued at approximately $419,000. Sii Investments Inc. WI increased its stake in 3M by 20.8% in the first quarter. Sii Investments Inc. WI now owns 19,310 shares of the company’s stock valued at $3,209,000 after buying an additional 3,321 shares in the last quarter. Investment Centers of America Inc. increased its stake in 3M by 61.3% in the first quarter. Investment Centers of America Inc. now owns 23,295 shares of the company’s stock valued at $3,873,000 after buying an additional 8,852 shares in the last quarter. Finally, Inspirion Wealth Advisors LLC purchased a new stake in 3M during the first quarter valued at approximately $316,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Co. (NYSE:MMM) traded up 0.02% on Wednesday, reaching $169.72. The company’s stock had a trading volume of 1,552,789 shares. The stock has a 50-day moving average of $176.91 and a 200 day moving average of $173.30. The company has a market cap of $102.58 billion, a price-to-earnings ratio of 21.66 and a beta of 0.99. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27.
3M (NYSE:MMM) last released 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. The company earned $7.70 billion during 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 for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the business posted $2.02 EPS. On average, equities research analysts forecast 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. Stockholders of record on Friday, August 19th were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Wednesday, August 17th. 3M’s payout ratio is presently 56.63%.
MMM has been the subject of several recent research reports. Morgan Stanley restated a “sell” rating and set a $168.00 price objective on shares of 3M in a report on Tuesday, August 23rd. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Credit Suisse Group AG restated a “buy” rating and set a $195.00 price objective on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG restated a “hold” rating and set a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. 3M presently has a consensus rating of “Hold” and an average price target of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was 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 owns 10,834 shares in the company, valued at approximately $1,933,002.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the firm’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 value of $299,516.81. Following the completion of the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is 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.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co. (NYSE:MMM).
Receive News & Ratings for 3M Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Co. and related companies with MarketBeat.com's FREE daily email newsletter.