Neuberger Berman Group LLC cut its position in shares of 3M (NYSE:MMM – Get Rating) by 17.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 456,981 shares of the conglomerate’s stock after selling 94,151 shares during the period. Neuberger Berman Group LLC owned approximately 0.08% of 3M worth $66,828,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the company. Landmark Wealth Management LLC purchased a new stake in 3M during the first quarter worth $25,000. US Asset Management LLC purchased a new position in 3M during the first quarter worth about $34,000. First Quadrant LLC CA purchased a new position in 3M during the first quarter worth about $34,000. Iron Horse Wealth Management LLC grew its holdings in shares of 3M by 125.0% in the first quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock valued at $43,000 after purchasing an additional 160 shares in the last quarter. Finally, DeDora Capital Inc. acquired a new position in shares of 3M in the first quarter valued at approximately $45,000. 64.90% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, EVP Eric D. Hammes sold 3,145 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $147.31, for a total transaction of $463,289.95. Following the transaction, the executive vice president now directly owns 8,818 shares in the company, valued at approximately $1,298,979.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Michael G. Vale sold 36,771 shares of 3M stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now owns 65,321 shares in the company, valued at $9,357,886.46. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Eric D. Hammes sold 3,145 shares of 3M stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $147.31, for a total transaction of $463,289.95. Following the transaction, the executive vice president now directly owns 8,818 shares in the company, valued at $1,298,979.58. The disclosure for this sale can be found here. Insiders have sold a total of 46,121 shares of company stock worth $6,644,865 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
3M Trading Up 0.2 %
Shares of MMM opened at $116.61 on Monday. The firm has a market cap of $66.42 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.18 and a beta of 0.99. 3M has a 52-week low of $114.11 and a 52-week high of $186.30. The business’s fifty day moving average is $134.68 and its 200-day moving average is $140.83. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.90 and a current ratio of 1.47.
3M (NYSE:MMM – Get Rating) last released 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 company had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.70 billion. During the same period in the prior year, the company posted $2.59 earnings per share. 3M’s quarterly revenue was down 2.2% on a year-over-year basis. Equities analysts anticipate that 3M will post 10.42 EPS for the current fiscal year.
3M Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Monday, August 22nd were paid a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date was Friday, August 19th. 3M’s dividend payout ratio (DPR) is 83.24%.
3M Company Profile
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.
- Get a free copy of the StockNews.com research report on 3M (MMM)
- Kroger’s is Your One-Stop Consumer Staples Stock
- Adobe Perfects the Art of the Faceplant for Investors
- Tax Credits are the Incentives in the Inflation Reduction Act
- 3 Banks Worth Considering For Q4
- Stock Market: 3 Islands Of Strength In A Sea Of Red
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.