Signaturefd LLC trimmed its position in shares of 3M Co (NYSE:MMM) by 16.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,365 shares of the conglomerate’s stock after selling 1,088 shares during the period. Signaturefd LLC’s holdings in 3M were worth $930,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of MMM. Norges Bank acquired a new position in 3M during the 4th quarter valued at about $918,305,000. Ronna Sue Cohen lifted its stake in shares of 3M by 20,703.2% in the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after acquiring an additional 2,672,577 shares during the period. Thoroughbred Financial Services LLC lifted its stake in shares of 3M by 17,524.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock worth $168,081,000 after acquiring an additional 1,671,269 shares during the period. Geode Capital Management LLC lifted its stake in shares of 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after acquiring an additional 353,754 shares during the period. Finally, Commerzbank Aktiengesellschaft FI lifted its stake in shares of 3M by 93.8% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 479,142 shares of the conglomerate’s stock worth $83,054,000 after acquiring an additional 231,847 shares during the period. 66.98% of the stock is owned by hedge funds and other institutional investors.
In other 3M news, Director David B. Dillon bought 1,200 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average cost of $169.50 per share, with a total value of $203,400.00. Following the completion of the purchase, the director now directly owns 1,200 shares in the company, valued at $203,400. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The disclosure for this sale can be found here. 0.83% of the stock is owned by corporate insiders.
3M (NYSE:MMM) last released its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business earned $2.59 earnings per share. The business’s quarterly revenue was down 2.6% on a year-over-year basis. On average, equities analysts expect that 3M Co will post 9.29 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s dividend payout ratio is presently 55.07%.
A number of analysts have recently weighed in on MMM shares. JPMorgan Chase & Co. reduced their price target on shares of 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday, August 6th. Credit Suisse Group upped their price target on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Deutsche Bank reduced their price target on shares of 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research note on Friday, April 26th. Gordon Haskett lowered shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a research note on Monday, April 29th. Finally, Wolfe Research set a $174.00 price target on shares of 3M and gave the stock a “sell” rating in a research note on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $182.54.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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