Traynor Capital Management Inc. raised its position in shares of 3M Co (NYSE:MMM) by 11.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 14,463 shares of the conglomerate’s stock after buying an additional 1,471 shares during the period. 3M comprises 1.5% of Traynor Capital Management Inc.’s holdings, making the stock its 14th largest position. Traynor Capital Management Inc.’s holdings in 3M were worth $3,404,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of MMM. Colony Group LLC acquired a new position in shares of 3M in the 2nd quarter valued at about $982,000. Wealthsource Partners LLC acquired a new position in shares of 3M in the 2nd quarter valued at about $261,000. Beaton Management Co. Inc. acquired a new position in shares of 3M in the 2nd quarter valued at about $2,684,000. Advisory Services Network LLC increased its holdings in shares of 3M by 12.5% in the 2nd quarter. Advisory Services Network LLC now owns 8,173 shares of the conglomerate’s stock valued at $1,702,000 after purchasing an additional 908 shares during the period. Finally, Atlantic Trust LLC increased its holdings in shares of 3M by 44.3% in the 2nd quarter. Atlantic Trust LLC now owns 17,483 shares of the conglomerate’s stock valued at $3,825,000 after purchasing an additional 5,366 shares during the period. 66.38% of the stock is owned by institutional investors.
In other news, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 253,873 shares of the company’s stock, valued at $63,757,665.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael F. Roman sold 4,146 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $246.65, for a total value of $1,022,610.90. Following the completion of the sale, the executive vice president now directly owns 16,208 shares of the company’s stock, valued at $3,997,703.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,673 shares of company stock worth $12,420,577. Corporate insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. During the same quarter last year, the company posted $1.88 earnings per share. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. equities research analysts forecast that 3M Co will post 10.6 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be issued a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.42%. The ex-dividend date is Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is 59.34%.
A number of brokerages have recently weighed in on MMM. Vetr upgraded 3M from a “buy” rating to a “strong-buy” rating and set a $254.92 target price on the stock in a report on Monday. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective on the stock in a report on Tuesday, January 30th. Royal Bank of Canada restated a “hold” rating and issued a $254.00 price objective on shares of 3M in a report on Thursday, January 25th. Hilliard Lyons upgraded 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective on the stock in a report on Wednesday, January 24th. Finally, UBS Group initiated coverage on 3M in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 price objective on the stock. Three analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $249.93.
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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