Elefante Mark B boosted its stake in shares of 3M Co. (NYSE:MMM) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,985 shares of the company’s stock after buying an additional 10 shares during the period. 3M accounts for 5.2% of Elefante Mark B’s portfolio, making the stock its 6th largest position. Elefante Mark B’s holdings in 3M were worth $348,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the stock. Emerald Acquisition Ltd. bought a new stake in shares of 3M during the second quarter valued at about $179,251,000. Bank of Montreal Can bought a new stake in shares of 3M during the second quarter valued at about $135,349,000. Wellington Management Group LLP boosted its stake in shares of 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock valued at $661,657,000 after buying an additional 381,798 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in shares of 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock valued at $136,753,000 after buying an additional 349,353 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock valued at $831,988,000 after buying an additional 297,153 shares in the last quarter. 65.67% of the stock is owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded up 0.49% during mid-day trading on Friday, reaching $176.23. 2,419,430 shares of the company’s stock were exchanged. The company’s 50 day moving average is $178.48 and its 200 day moving average is $172.84. The stock has a market capitalization of $106.51 billion, a PE ratio of 22.49 and a beta of 1.07. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (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 business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same quarter in the prior year, the business posted $2.02 EPS. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts anticipate that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a dividend of $1.11 per share. 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 2.52%. 3M’s payout ratio is 56.63%.
Several brokerages recently issued reports on MMM. Zacks Investment Research cut shares of 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 issued a $195.00 target price on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG restated a “hold” rating and issued a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Morgan Stanley restated a “sell” rating and issued a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Finally, Jefferies Group reiterated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of the stock in a transaction 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 sale, the insider now owns 10,834 shares in the company, valued at $1,933,002.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction on Friday, July 29th. The stock was 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 in the company, valued at approximately $180,352.29. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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