Feltz Wealth PLAN Inc. purchased a new stake in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 2,877 shares of the company’s stock, valued at approximately $295,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Norinchukin Bank The raised its stake in 3M by 1.9% in the second quarter. Norinchukin Bank The now owns 292,420 shares of the company’s stock valued at $51,209,000 after buying an additional 5,520 shares during the last quarter. Wealthsource Partners LLC raised its stake in 3M by 34.0% in the second quarter. Wealthsource Partners LLC now owns 2,231 shares of the company’s stock valued at $391,000 after buying an additional 566 shares during the last quarter. Wedgewood Investors Inc. PA raised its stake in 3M by 0.6% in the second quarter. Wedgewood Investors Inc. PA now owns 6,275 shares of the company’s stock valued at $1,099,000 after buying an additional 36 shares during the last quarter. Bailard Inc. raised its stake in 3M by 38.1% in the second quarter. Bailard Inc. now owns 6,667 shares of the company’s stock valued at $1,168,000 after buying an additional 1,838 shares during the last quarter. Finally, Halbert Hargrove Russell LLC raised its stake in 3M by 9.7% in the second quarter. Halbert Hargrove Russell LLC now owns 1,757 shares of the company’s stock valued at $308,000 after buying an additional 156 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Co. (NYSE:MMM) traded up 0.49% during midday trading on Friday, hitting $176.23. 2,419,430 shares of the stock were exchanged. The firm has a 50-day moving average price of $178.48 and a 200-day moving average price of $172.84. 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 $106.51 billion, a PE ratio of 22.49 and a beta of 1.07.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business earned $2.02 EPS. On average, equities analysts predict that 3M Co. will post $8.21 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.52%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio is currently 56.63%.
Several analysts recently weighed in on MMM shares. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday. Credit Suisse Group AG reiterated a “buy” rating and issued a $195.00 target price on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and issued a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Finally, Jefferies Group restated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction dated 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 completion of the transaction, the insider now directly owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul A. Keel sold 3,180 shares of 3M stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $567,280.20. Following the completion of the transaction, the insider now directly owns 9,961 shares of the company’s stock, valued at $1,776,942.79. 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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