First Citizens Bank & Trust Co. grew its holdings in 3M Co (NYSE:MMM) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,910 shares of the conglomerate’s stock after buying an additional 300 shares during the quarter. 3M accounts for approximately 0.8% of First Citizens Bank & Trust Co.’s holdings, making the stock its 29th biggest holding. First Citizens Bank & Trust Co.’s holdings in 3M were worth $6,098,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Kopp Investment Advisors LLC increased its position in shares of 3M by 0.4% during the 2nd quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock worth $1,099,000 after purchasing an additional 20 shares in the last quarter. Smith Chas P & Associates PA Cpas increased its position in shares of 3M by 2.0% during the 2nd quarter. Smith Chas P & Associates PA Cpas now owns 1,991 shares of the conglomerate’s stock worth $414,000 after purchasing an additional 39 shares in the last quarter. Parallel Advisors LLC increased its position in shares of 3M by 1.8% during the 2nd quarter. Parallel Advisors LLC now owns 3,101 shares of the conglomerate’s stock worth $624,000 after purchasing an additional 55 shares in the last quarter. Capital Advantage Inc. increased its position in shares of 3M by 4.8% during the 2nd quarter. Capital Advantage Inc. now owns 1,816 shares of the conglomerate’s stock worth $378,000 after purchasing an additional 83 shares in the last quarter. Finally, Sandhill Capital Partners LLC increased its position in shares of 3M by 0.5% during the 2nd quarter. Sandhill Capital Partners LLC now owns 16,851 shares of the conglomerate’s stock worth $3,508,000 after purchasing an additional 88 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.
A number of equities research analysts recently issued reports on MMM shares. Argus increased their target price on shares of 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. They noted that the move was a valuation call. Citigroup reiterated a “buy” rating and set a $250.00 target price (up previously from $228.00) on shares of 3M in a research report on Monday, October 9th. Bank of America reiterated a “buy” rating and set a $227.00 target price on shares of 3M in a research report on Thursday, September 14th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $248.00 target price for the company in a research report on Wednesday, October 25th. Finally, Jefferies Group increased their price objective on shares of 3M to $262.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $231.59.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the prior year, the firm earned $2.15 EPS. The company’s revenue was up 6.0% on a year-over-year basis. analysts expect that 3M Co will post 9.09 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were issued a dividend of $0.0118 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.02%. The ex-dividend date was Wednesday, November 22nd. 3M’s dividend payout ratio is currently 52.46%.
In other news, insider Jon T. Lindekugel sold 400 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $230.06, for a total value of $92,024.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The disclosure for this sale can be found here. In the last three months, insiders have 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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