Pineno Levin & Ford Asset Management Inc. held its stake in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,288 shares of the company’s stock at the end of the second quarter. Pineno Levin & Ford Asset Management Inc.’s holdings in 3M were worth $226,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. S&CO Inc. raised its stake in shares of 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock worth $11,982,000 after buying an additional 800 shares in the last quarter. CIBC World Markets Inc. raised its stake in shares of 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock worth $14,345,000 after buying an additional 3,988 shares in the last quarter. Eagle Ridge Investment Management raised its stake in shares of 3M by 1.5% in the second quarter. Eagle Ridge Investment Management now owns 38,326 shares of the company’s stock worth $6,712,000 after buying an additional 580 shares in the last quarter. Westwood Management Corp IL raised its stake in shares of 3M by 478.1% in the second quarter. Westwood Management Corp IL now owns 101,450 shares of the company’s stock worth $17,766,000 after buying an additional 83,900 shares in the last quarter. Finally, Checchi Capital Advisers LLC raised its stake in shares of 3M by 4.5% in the second quarter. Checchi Capital Advisers LLC now owns 5,043 shares of the company’s stock worth $883,000 after buying an additional 217 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded up 0.49% on Friday, reaching $176.23. 2,419,430 shares of the company traded hands. The stock has a market capitalization of $106.51 billion, a price-to-earnings 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. The company has a 50-day moving average of $178.48 and a 200-day moving average of $172.84.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping the Thomson Reuters’ 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 earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same period in the previous year, the firm posted $2.02 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. Analysts anticipate that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a dividend of $1.11 per share. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a dividend yield of 2.52%. 3M’s payout ratio is currently 56.63%.
Several equities research analysts have recently commented on the company. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Credit Suisse Group AG restated a “buy” rating and issued a $195.00 price objective on shares of 3M in a research note on Friday, September 16th. Deutsche Bank AG restated a “hold” rating and issued a $164.00 price objective on shares of 3M in a research note on Thursday, August 25th. Morgan Stanley restated a “sell” rating and issued a $168.00 price objective on shares of 3M in a research note 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 given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the sale, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The transaction was disclosed in a legal filing 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 on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $567,280.20. Following the sale, the insider now owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The disclosure for this sale can be found here. 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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