Ameriprise Financial Inc. raised its position in shares of 3M Co. (NYSE:MMM) by 61.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,055,278 shares of the company’s stock after buying an additional 401,187 shares during the period. Ameriprise Financial Inc. owned 0.17% of 3M worth $184,843,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. Reilly Financial Advisors LLC increased its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares during the period. CenturyLink Investment Management Co acquired a new position in 3M during the second quarter worth $116,000. Jackson Grant Investment Advisers Inc. increased its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares during the period. Parasol Investment Management LLC increased its position in 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock worth $157,000 after buying an additional 100 shares during the period. Finally, Pointe Capital Management LLC acquired a new position in 3M during the second quarter worth $201,000. 65.67% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) traded down 1.45% during mid-day trading on Tuesday, reaching $172.50. 1,300,485 shares of the company’s stock traded hands. The firm has a 50-day moving average of $178.33 and a 200 day moving average of $173.07. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27. The company has a market cap of $104.26 billion, a P/E ratio of 22.02 and a beta of 0.99.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.02 earnings per share. Equities analysts forecast that 3M Co. will post $8.21 EPS 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 issued a $1.11 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a dividend yield of 2.54%. 3M’s dividend payout ratio is currently 56.63%.
A number of research firms recently weighed in on MMM. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research report on Wednesday, July 6th. Morgan Stanley reaffirmed a “sell” rating on shares of 3M in a research report on Friday, June 10th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $195.00 target price on shares of 3M in a research report on Friday, September 16th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. 3M currently has an average rating of “Hold” and an average target price of $167.11.
In other news, insider Paul A. Keel sold 3,180 shares of the 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 completion of the sale, the insider now owns 9,961 shares in the company, valued at $1,776,942.79. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the 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 sale, 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 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.
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.