Advisory Services Network LLC lessened its position in shares of 3M (NYSE:MMM – Get Rating) by 2.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 21,715 shares of the conglomerate’s stock after selling 455 shares during the quarter. Advisory Services Network LLC’s holdings in 3M were worth $3,232,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of 3M by 2.8% during the 1st quarter. BlackRock Inc. now owns 42,996,030 shares of the conglomerate’s stock worth $6,401,249,000 after buying an additional 1,185,844 shares in the last quarter. State Street Corp boosted its holdings in shares of 3M by 5.2% during the 1st quarter. State Street Corp now owns 32,590,721 shares of the conglomerate’s stock worth $4,852,107,000 after buying an additional 1,610,785 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 3M by 7.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock worth $1,684,639,000 after buying an additional 758,126 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 3M by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 10,780,080 shares of the conglomerate’s stock worth $1,910,601,000 after purchasing an additional 127,388 shares in the last quarter. Finally, Flossbach Von Storch AG lifted its holdings in shares of 3M by 2.1% in the 1st quarter. Flossbach Von Storch AG now owns 9,169,543 shares of the conglomerate’s stock worth $1,365,162,000 after purchasing an additional 191,982 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.
Insider Buying and Selling
In related news, CAO Theresa E. Reinseth sold 795 shares of 3M stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $143.32, for a total value of $113,939.40. Following the completion of the sale, the chief accounting officer now owns 1,603 shares of the company’s stock, valued at approximately $229,741.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other 3M news, CAO Theresa E. Reinseth sold 795 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $143.32, for a total value of $113,939.40. Following the completion of the transaction, the chief accounting officer now owns 1,603 shares in the company, valued at approximately $229,741.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Zoe L. Dickson sold 2,265 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $144.40, for a total value of $327,066.00. Following the completion of the transaction, the executive vice president now owns 893 shares of the company’s stock, valued at approximately $128,949.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,121 shares of company stock valued at $6,644,865. 0.34% of the stock is owned by insiders.
3M Trading Up 0.2 %
3M (NYSE:MMM – Get Rating) last announced its earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.01. 3M had a return on equity of 39.11% and a net margin of 11.83%. The firm had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.70 billion. During the same period last year, the firm posted $2.59 EPS. The business’s revenue was down 2.2% compared to the same quarter last year. Equities research analysts anticipate that 3M will post 10.42 EPS for the current year.
3M Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Monday, August 22nd were issued a $1.49 dividend. This represents a $5.96 annualized dividend and a yield of 5.11%. The ex-dividend date was Friday, August 19th. 3M’s dividend payout ratio (DPR) is currently 83.24%.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on the company. Citigroup increased their target price on 3M from $136.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. TheStreet cut 3M from a “b-” rating to a “c+” rating in a report on Wednesday, June 29th. Morgan Stanley increased their target price on 3M from $126.00 to $131.00 and gave the stock an “underweight” rating in a report on Wednesday, July 27th. UBS Group upgraded 3M from a “sell” rating to a “neutral” rating and increased their target price for the stock from $118.00 to $126.00 in a report on Friday, September 9th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on 3M from $155.00 to $127.00 and set a “hold” rating on the stock in a report on Friday, September 9th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $147.43.
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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