Patten Group Inc. raised its stake in shares of 3M Company (NYSE:MMM) by 0.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,140 shares of the conglomerate’s stock after buying an additional 56 shares during the period. 3M comprises 1.3% of Patten Group Inc.’s investment portfolio, making the stock its 14th largest position. Patten Group Inc.’s holdings in 3M were worth $3,066,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Capital Investment Counsel Inc boosted its stake in 3M by 7.0% in the first quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after buying an additional 189 shares during the period. Univest Corp of Pennsylvania boosted its stake in 3M by 1.4% in the first quarter. Univest Corp of Pennsylvania now owns 16,124 shares of the conglomerate’s stock valued at $3,085,000 after buying an additional 230 shares during the period. Gradient Investments LLC boosted its stake in 3M by 13.7% in the first quarter. Gradient Investments LLC now owns 35,378 shares of the conglomerate’s stock valued at $6,769,000 after buying an additional 4,251 shares during the period. Portfolio Solutions LLC acquired a new stake in 3M during the first quarter valued at approximately $210,000. Finally, Marshwinds Advisory Co. boosted its stake in 3M by 0.5% in the first quarter. Marshwinds Advisory Co. now owns 20,683 shares of the conglomerate’s stock valued at $3,957,000 after buying an additional 101 shares during the period. Institutional investors own 65.71% of the company’s stock.
3M Company (NYSE:MMM) traded down 0.528% during trading on Friday, reaching $204.265. The company had a trading volume of 650,951 shares. The company has a market capitalization of $121.90 billion, a P/E ratio of 23.299 and a beta of 1.08. The stock has a 50 day moving average of $207.42 and a 200-day moving average of $197.29. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.08 EPS. Equities research analysts expect that 3M Company will post $8.94 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s dividend payout ratio is 53.59%.
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MMM has been the subject of several recent analyst reports. Stifel Nicolaus lifted their price target on 3M from $190.00 to $202.00 and gave the company a “hold” rating in a report on Wednesday, April 26th. Credit Suisse Group reiterated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Barclays PLC reiterated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Royal Bank Of Canada reiterated an “outperform” rating and set a $191.00 target price (up previously from $187.00) on shares of 3M in a report on Saturday, April 29th. Finally, Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $203.40.
In other news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, the insider now owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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