Novare Capital Management LLC decreased its stake in 3M Company (NYSE:MMM) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,754 shares of the conglomerate’s stock after selling 505 shares during the period. 3M accounts for approximately 1.7% of Novare Capital Management LLC’s investment portfolio, making the stock its 11th largest position. Novare Capital Management LLC’s holdings in 3M were worth $7,223,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. CLS Investments LLC increased its stake in shares of 3M by 18.9% in the first quarter. CLS Investments LLC now owns 1,790 shares of the conglomerate’s stock valued at $343,000 after buying an additional 285 shares during the last quarter. Tradewinds Capital Management LLC increased its stake in shares of 3M by 20.1% in the first quarter. Tradewinds Capital Management LLC now owns 1,464 shares of the conglomerate’s stock valued at $280,000 after buying an additional 245 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares in the last quarter. Harbour Investment Management LLC bought a new stake in 3M during the first quarter worth approximately $2,980,000. Finally, Athena Capital Advisors LLC increased its stake in 3M by 74.8% in the first quarter. Athena Capital Advisors LLC now owns 2,126 shares of the conglomerate’s stock worth $407,000 after buying an additional 910 shares in the last quarter. Institutional investors own 65.71% of the company’s stock.
3M Company (MMM) traded down 0.89% on Friday, reaching $203.53. 1,838,640 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $207.30 and a 200 day moving average of $197.49. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The stock has a market capitalization of $121.46 billion, a PE ratio of 23.22 and a beta of 1.08.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the business posted $2.08 earnings per share. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts predict that 3M Company will post $8.94 earnings per share 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 given a dividend of $1.175 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.31%. 3M’s dividend payout ratio (DPR) is 53.59%.
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Several brokerages have issued reports on MMM. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a report on Monday, June 19th. Stifel Nicolaus reissued a “hold” rating and issued a $202.00 price objective on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley reissued an “underweight” rating and issued a $191.00 price objective (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. BidaskClub lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $234.00 price objective on shares of 3M in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $203.40.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock valued at $1,878,890 over the last 90 days. 0.58% of the stock is owned by corporate insiders.
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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