QCI Asset Management Inc. NY cut its stake in shares of 3M Co. (NYSE:MMM) by 21.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 725 shares of the company’s stock after selling 200 shares during the period. QCI Asset Management Inc. NY’s holdings in 3M were worth $127,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in the stock. Emerald Acquisition Ltd. acquired a new position in 3M during the second quarter worth approximately $179,251,000. Bank of Montreal Can acquired a new position in 3M during the second quarter worth approximately $135,349,000. Wellington Management Group LLP boosted its position in 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock worth $661,657,000 after buying an additional 381,798 shares during the last quarter. 1832 Asset Management L.P. boosted its position in 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock worth $136,753,000 after buying an additional 349,353 shares during the last quarter. Finally, BlackRock Group LTD boosted its position in 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock worth $831,988,000 after buying an additional 297,153 shares during the last quarter. Institutional investors own 65.66% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded up 1.12% on Wednesday, reaching $179.59. 1,757,920 shares of the company’s stock traded hands. The firm has a market cap of $108.54 billion, a P/E ratio of 22.92 and a beta of 1.07. The company’s 50-day moving average price is $178.81 and its 200 day moving average price is $172.06. 3M Co. has a one year low of $134.64 and a one year high of $182.27.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share 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 firm earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same period in the prior year, the firm earned $2.02 EPS. The company’s revenue was down .3% compared to the same quarter last year. On average, equities analysts forecast that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio is currently 56.63%.
A number of equities analysts recently commented on MMM shares. Morgan Stanley reiterated a “sell” rating on shares of 3M in a report on Friday, June 10th. Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Jefferies Group restated a “buy” rating on shares of 3M in a report on Wednesday, July 6th. Credit Suisse Group AG restated a “buy” rating on shares of 3M in a report on Sunday, July 10th. Finally, Deutsche Bank AG restated a “hold” rating and set a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus price target of $165.18.
In other news, insider Paul A. Keel sold 3,180 shares of the stock in a transaction that occurred on 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 approximately $1,776,942.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James L. Bauman sold 9,066 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The disclosure for this sale can be found here. 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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