Mckinley Capital Management LLC Delaware continued to hold its stake in 3M Co. (NYSE:MMM) during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 3,046 shares of the company’s stock at the end of the second quarter. Mckinley Capital Management LLC Delaware’s holdings in 3M were worth $533,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the stock. Financial Advisory Service Inc. raised its stake in 3M by 0.9% in the second quarter. Financial Advisory Service Inc. now owns 2,005 shares of the company’s stock worth $351,000 after buying an additional 17 shares during the period. Advisors Asset Management Inc. raised its stake in 3M by 12.0% in the second quarter. Advisors Asset Management Inc. now owns 45,433 shares of the company’s stock worth $7,956,000 after buying an additional 4,865 shares during the period. Broderick Brian C raised its stake in 3M by 2.5% in the second quarter. Broderick Brian C now owns 54,602 shares of the company’s stock worth $9,561,000 after buying an additional 1,320 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in 3M by 22.7% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 1,594 shares of the company’s stock worth $279,000 after buying an additional 295 shares during the period. Finally, Page Arthur B raised its stake in 3M by 1.5% in the second quarter. Page Arthur B now owns 24,988 shares of the company’s stock worth $4,375,000 after buying an additional 370 shares during the period. 65.67% of the stock is currently owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.40% on Friday, hitting $170.96. The stock had a trading volume of 695,561 shares. The firm has a 50 day moving average of $177.64 and a 200 day moving average of $173.10. 3M Co. has a 12 month low of $134.64 and a 12 month high of $182.27. The stock has a market cap of $103.33 billion, a P/E ratio of 21.82 and a beta of 0.99.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping the consensus estimate of $2.07 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm’s revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 earnings per share. On average, equities analysts forecast that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.59%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is 56.63%.
A number of equities analysts have commented on the stock. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Jefferies Group reissued a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Deutsche Bank AG reissued a “hold” rating and issued a $164.00 price target on shares of 3M in a research note on Thursday, August 25th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. 3M has an average rating of “Hold” and a consensus target price of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the transaction, the insider now owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the transaction, the vice president now directly 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 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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