American Century Companies Inc. reduced its holdings in 3M Co (NYSE:MMM) by 28.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,831,928 shares of the conglomerate’s stock after selling 719,977 shares during the quarter. American Century Companies Inc.’s holdings in 3M were worth $431,181,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Lenox Wealth Advisors Inc. lifted its position in shares of 3M by 16,300.0% in the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after buying an additional 489 shares during the last quarter. Horan Capital Management bought a new position in shares of 3M in the 4th quarter worth about $123,000. Hoertkorn Richard Charles bought a new position in shares of 3M in the 3rd quarter worth about $126,000. Sawyer & Company Inc bought a new position in shares of 3M in the 4th quarter worth about $138,000. Finally, Field & Main Bank bought a new position in shares of 3M in the 4th quarter worth about $140,000. Institutional investors own 66.09% of the company’s stock.
MMM has been the topic of a number of analyst reports. Argus reaffirmed a “buy” rating on shares of 3M in a report on Friday, December 22nd. Citigroup increased their price objective on shares of 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $254.00 price objective on shares of 3M in a report on Thursday, January 25th. ValuEngine cut shares of 3M from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Goldman Sachs Group raised shares of 3M from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $194.00 to $229.00 in a report on Wednesday, October 25th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $254.25.
3M (NYSE:MMM) last released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. 3M’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter last year, the company earned $1.88 EPS. equities research analysts forecast that 3M Co will post 10.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be paid a dividend of $1.36 per share. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.30%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
In other 3M news, EVP Michael F. Roman sold 4,146 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the transaction, the executive vice president now owns 16,208 shares of the company’s stock, valued at approximately $3,997,703.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Inge G. Thulin sold 35,236 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the transaction, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,673 shares of company stock worth $12,420,577. 0.58% of the stock is owned by corporate insiders.
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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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