Saybrook Capital NC increased its position in 3M Co. (NYSE:MMM) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,176 shares of the company’s stock after buying an additional 35 shares during the period. 3M comprises 4.5% of Saybrook Capital NC’s portfolio, making the stock its 4th largest position. Saybrook Capital NC’s holdings in 3M were worth $7,036,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the company. Culbertson A N & Co. Inc. bought a new stake in 3M during the first quarter worth approximately $6,715,000. Perkins Coie Trust Co increased its stake in 3M by 657.0% in the first quarter. Perkins Coie Trust Co now owns 29,539 shares of the company’s stock worth $4,922,000 after buying an additional 25,637 shares during the period. Cue Financial Group Inc. increased its stake in 3M by 0.6% in the first quarter. Cue Financial Group Inc. now owns 3,436 shares of the company’s stock worth $572,000 after buying an additional 21 shares during the period. Mission Wealth Management LLC bought a new stake in 3M during the first quarter worth approximately $362,000. Finally, Wagner Bowman Management Corp increased its stake in 3M by 0.5% in the first quarter. Wagner Bowman Management Corp now owns 15,147 shares of the company’s stock worth $2,523,000 after buying an additional 70 shares during the period. Institutional investors 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 were exchanged. The stock 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 stock has a market capitalization of $106.51 billion, a P/E ratio of 22.49 and a beta of 1.07.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. During the same period in the prior year, the company posted $2.02 EPS. The company’s revenue was down .3% compared to the same quarter last year. On average, equities analysts expect that 3M Co. will post $8.21 EPS for the current fiscal year.
The firm also recently announced 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. The ex-dividend date 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 presently 56.63%.
A number of analysts have commented on MMM shares. Morgan Stanley restated a “sell” rating on shares of 3M in a research report on Friday, June 10th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $164.00 price objective on shares of 3M in a research note on Thursday, August 25th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. 3M has an average rating of “Hold” and a consensus price target of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $1,933,002.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the transaction, the vice president now owns 1,011 shares in the company, valued at $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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