Cadence Capital Management LLC reduced its stake in 3M Co (NYSE:MMM) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,452 shares of the conglomerate’s stock after selling 1,678 shares during the period. 3M accounts for about 0.8% of Cadence Capital Management LLC’s holdings, making the stock its 24th biggest position. Cadence Capital Management LLC’s holdings in 3M were worth $12,581,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in MMM. Lenox Wealth Advisors Inc. grew its position in shares of 3M by 16,300.0% during the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after acquiring an additional 489 shares during the last quarter. Horan Capital Management purchased a new position in shares of 3M during the fourth quarter worth approximately $123,000. Hoertkorn Richard Charles purchased a new position in shares of 3M during the third quarter worth approximately $126,000. Sawyer & Company Inc purchased a new position in shares of 3M during the fourth quarter worth approximately $138,000. Finally, Field & Main Bank purchased a new position in shares of 3M during the fourth quarter worth approximately $140,000. Institutional investors own 66.17% of the company’s stock.
In other 3M news, EVP Michael F. Roman sold 4,146 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was 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 owns 16,208 shares of the company’s stock, valued at $3,997,703.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were 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 approximately $63,757,665.22. The disclosure for this sale can be found here. In the last three months, insiders sold 49,673 shares of company stock valued at $12,420,577. 0.58% of the stock is owned by corporate insiders.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.85 billion. During the same period last year, the company earned $1.88 earnings per share. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. analysts anticipate that 3M Co will post 10.59 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be issued a $1.36 dividend. The ex-dividend date is Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a yield of 2.30%. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is 59.32%.
A number of equities analysts have recently issued reports on MMM shares. Argus restated a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Citigroup raised their target price on shares of 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research report on Tuesday, January 16th. JPMorgan Chase & Co. restated an “underweight” rating and set a $221.00 target price (up from $208.00) on shares of 3M in a research report on Thursday, January 18th. Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price on the stock in a research report on Wednesday, January 24th. Finally, Bank of America raised their target price on shares of 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $254.25.
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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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