W.G. Shaheen & Associates DBA Whitney & Co held its position in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,750 shares of the company’s stock at the end of the second quarter. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in 3M were worth $1,007,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. CenturyLink Investment Management Co purchased a new position in shares of 3M during the second quarter valued at $116,000. Parasol Investment Management LLC raised its position in shares of 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock valued at $157,000 after buying an additional 100 shares during the period. Clarius Group LLC purchased a new position in shares of 3M during the first quarter valued at $202,000. 10 15 Associates Inc. purchased a new position in shares of 3M during the first quarter valued at $204,000. Finally, CrestPoint Capital Management LLC purchased a new position in shares of 3M during the second quarter valued at $210,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.
3M Co. (NYSE:MMM) traded up 0.49% during trading on Friday, reaching $176.23. The company had a trading volume of 2,419,430 shares. 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 $106.51 billion, a P/E ratio of 22.49 and a beta of 1.07. The firm has a 50-day moving average price of $178.48 and a 200 day moving average price of $172.84.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (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 analyst estimates of $7.73 billion. During the same quarter in the previous year, the business earned $2.02 EPS. 3M’s quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Wednesday, August 17th. 3M’s payout ratio is presently 56.63%.
Several research analysts have commented on the company. Credit Suisse Group AG reissued a “buy” rating and issued a $195.00 price objective on shares of 3M in a research report on Friday, September 16th. Jefferies Group raised their price objective on 3M from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Deutsche Bank AG reissued a “hold” rating and issued a $164.00 price objective on shares of 3M in a research report on Thursday, August 25th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $167.11.
In related 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 value of $1,617,555.72. Following the completion of the sale, the insider now owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction 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 of the company’s stock, valued at approximately $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
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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