St. Louis Trust Co cut its stake in 3M Co. (NYSE:MMM) by 17.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,220 shares of the company’s stock after selling 690 shares during the period. St. Louis Trust Co’s holdings in 3M were worth $564,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. DnB Asset Management AS increased its position in shares of 3M by 79.2% in the first quarter. DnB Asset Management AS now owns 58,832 shares of the company’s stock worth $9,803,000 after buying an additional 26,000 shares during the period. CENTRAL TRUST Co bought a new position in shares of 3M during the first quarter worth $14,544,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of 3M by 14.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 121,015 shares of the company’s stock worth $20,165,000 after buying an additional 15,626 shares during the period. Exxonmobil Investment Management Inc. TX increased its position in shares of 3M by 6.7% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 147,312 shares of the company’s stock worth $24,547,000 after buying an additional 9,305 shares during the period. Finally, Integrated Investment Consultants LLC increased its position in shares of 3M by 3.7% in the first quarter. Integrated Investment Consultants LLC now owns 2,129 shares of the company’s stock worth $355,000 after buying an additional 75 shares during the period. Hedge funds and other institutional investors own 65.66% of the company’s stock.
3M Co. (NYSE:MMM) traded down 1.20% during trading on Friday, reaching $177.70. 1,339,461 shares of the company’s stock traded hands. The company has a 50-day moving average price of $178.88 and a 200 day moving average price of $172.17. 3M Co. has a one year low of $134.64 and a one year high of $182.27. The firm has a market capitalization of $107.40 billion, a PE ratio of 22.68 and a beta of 1.07.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the 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 analysts’ expectations of $7.73 billion. During the same period in the previous year, the business posted $2.02 EPS. The business’s quarterly revenue was down .3% compared to the same quarter last year. On average, analysts anticipate that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.47%. The ex-dividend date was Wednesday, August 17th. 3M’s payout ratio is 56.63%.
MMM has been the topic of a number of research analyst reports. Morgan Stanley restated a “sell” rating and set a $168.00 price objective on shares of 3M in a research report on Tuesday, August 23rd. Credit Suisse Group AG reaffirmed a “buy” rating and set a $195.00 target price on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a report on Monday, June 27th. Finally, Jefferies Group upped their target price on shares of 3M from $190.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and a consensus target price of $167.11.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of 3M 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 $299,516.81. Following the completion of the sale, the vice president now directly owns 1,011 shares in the company, valued at approximately $180,352.29. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul A. Keel sold 3,180 shares of 3M 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 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. 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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