Mckinley Capital Management LLC Delaware reduced its position in shares of 3M Company (NYSE:MMM) by 40.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,616 shares of the conglomerate’s stock after selling 1,080 shares during the quarter. Mckinley Capital Management LLC Delaware’s holdings in 3M were worth $339,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Affinity Investment Advisors LLC bought a new stake in 3M in the first quarter worth $351,000. Intrust Bank NA lifted its position in 3M by 4.6% in the first quarter. Intrust Bank NA now owns 1,748 shares of the conglomerate’s stock worth $334,000 after buying an additional 77 shares during the last quarter. Main Street Research LLC lifted its position in 3M by 1.1% in the first quarter. Main Street Research LLC now owns 1,984 shares of the conglomerate’s stock worth $380,000 after buying an additional 22 shares during the last quarter. Lincoln National Corp lifted its position in 3M by 18.4% in the first quarter. Lincoln National Corp now owns 4,944 shares of the conglomerate’s stock worth $946,000 after buying an additional 767 shares during the last quarter. Finally, Thomaspartners Inc. lifted its position in 3M by 7.7% in the first quarter. Thomaspartners Inc. now owns 997,295 shares of the conglomerate’s stock worth $190,812,000 after buying an additional 71,291 shares during the last quarter. Hedge funds and other institutional investors own 66.57% of the company’s stock.
A number of analysts recently issued reports on the company. ValuEngine downgraded 3M from a “buy” rating to a “hold” rating in a research report on Friday. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $258.00 price target for the company in a research report on Tuesday, November 7th. Goldman Sachs Group restated a “sell” rating on shares of 3M in a research report on Thursday, October 26th. Citigroup raised their price target on 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Finally, Jefferies Group raised their price target on 3M to $262.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $231.16.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same quarter last year, the firm posted $2.15 earnings per share. The business’s revenue was up 6.0% compared to the same quarter last year. equities research analysts forecast that 3M Company will post 9.08 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th will be paid a $0.0118 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $0.05 dividend on an annualized basis and a yield of 0.02%. 3M’s payout ratio is 52.51%.
In other news, VP Ivan K. Fong sold 2,348 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.12, for a total transaction of $547,365.76. Following the transaction, the vice president now owns 24,479 shares in the company, valued at $5,706,544.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Khandpur K. Ashish sold 4,004 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $231.39, for a total value of $926,485.56. Following the transaction, the vice president now owns 5,236 shares in the company, valued at approximately $1,211,558.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,804 shares of company stock worth $5,303,706. Insiders own 0.58% of the company’s stock.
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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, , 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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