Fairfield Bush & CO. reduced its stake in 3M Company (NYSE:MMM) by 15.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,010 shares of the conglomerate’s stock after selling 1,090 shares during the period. Fairfield Bush & CO.’s holdings in 3M were worth $1,251,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Proficio Capital Partners LLC boosted its stake in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares during the period. Harfst & Associates Inc. boosted its stake in shares of 3M by 17.0% in the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after buying an additional 100 shares during the period. Jackson Grant Investment Advisers Inc. boosted its stake in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares during the period. Ironwood Investment Management LLC bought a new stake in shares of 3M in the second quarter valued at approximately $203,000. Finally, Princeton Capital Management Inc. bought a new stake in shares of 3M in the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 66.20% of the company’s stock.
Several equities research analysts recently issued reports on the company. Citigroup Inc. reiterated a “buy” rating and issued a $250.00 price target (up from $228.00) on shares of 3M in a research note on Monday. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Morgan Stanley upped their target price on 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a research note on Monday, October 2nd. J P Morgan Chase & Co cut 3M from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $185.00 to $201.00 in a research note on Wednesday, September 20th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $209.00 target price on shares of 3M in a research note on Friday, September 15th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. 3M has an average rating of “Hold” and a consensus target price of $207.65.
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Shares of 3M Company (NYSE:MMM) traded up 0.1776% on Tuesday, hitting $217.0648. The stock had a trading volume of 480,328 shares. The company has a market capitalization of $129.54 billion, a PE ratio of 24.7593 and a beta of 1.09. The firm has a 50-day moving average of $208.68 and a 200 day moving average of $203.61. 3M Company has a 1-year low of $163.85 and a 1-year high of $217.61.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). The firm had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.08 earnings per share. On average, equities analysts anticipate that 3M Company will post $8.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were given a dividend of $1.175 per share. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.17%. 3M’s dividend payout ratio (DPR) is currently 53.59%.
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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