Wagner Bowman Management Corp reduced its holdings in 3M Co (NYSE:MMM) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,196 shares of the conglomerate’s stock after selling 351 shares during the quarter. 3M comprises 1.0% of Wagner Bowman Management Corp’s holdings, making the stock its 22nd largest holding. Wagner Bowman Management Corp’s holdings in 3M were worth $3,812,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in 3M by 1.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 146,994 shares of the conglomerate’s stock worth $34,598,000 after purchasing an additional 2,122 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of 3M by 4.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 141,573 shares of the conglomerate’s stock valued at $33,323,000 after acquiring an additional 6,255 shares in the last quarter. Horan Capital Management bought a new stake in shares of 3M during the fourth quarter valued at approximately $123,000. Dupont Capital Management Corp increased its holdings in shares of 3M by 4.9% during the fourth quarter. Dupont Capital Management Corp now owns 29,531 shares of the conglomerate’s stock valued at $6,951,000 after acquiring an additional 1,388 shares in the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC increased its holdings in shares of 3M by 69.5% during the fourth quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 22,696 shares of the conglomerate’s stock valued at $5,342,000 after acquiring an additional 9,307 shares in the last quarter. Institutional investors and hedge funds own 66.38% of the company’s stock.
Shares of 3M Co (NYSE:MMM) opened at $225.21 on Friday. 3M Co has a 1-year low of $178.19 and a 1-year high of $259.77. The stock has a market capitalization of $132,731.00, a price-to-earnings ratio of 28.44, a P/E/G ratio of 2.07 and a beta of 1.08. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a dividend of $1.36 per share. The ex-dividend date is Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.42%. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio is 59.34%.
In related news, insider Hak Cheol Shin sold 8,385 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $247.20, for a total transaction of $2,072,772.00. Following the completion of the sale, the insider now owns 120,105 shares in the company, valued at $29,689,956. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Inge G. Thulin sold 35,236 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares of the company’s stock, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. Insiders have sold 49,673 shares of company stock valued at $12,420,577 in the last quarter. 0.58% of the stock is currently owned by corporate insiders.
MMM has been the subject of several recent research reports. Argus restated a “buy” rating on shares of 3M in a report on Friday, December 22nd. Citigroup boosted their price objective on 3M from $250.00 to $262.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Royal Bank of Canada restated a “hold” rating and set a $254.00 price objective on shares of 3M in a report on Thursday, January 25th. ValuEngine downgraded 3M from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Goldman Sachs Group upgraded 3M from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $194.00 to $229.00 in a report on Wednesday, October 25th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. 3M currently has an average rating of “Hold” and a consensus target price of $249.93.
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, , 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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