Altfest L J & Co. Inc. boosted its stake in 3M Company (NYSE:MMM) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,264 shares of the conglomerate’s stock after buying an additional 15 shares during the period. Altfest L J & Co. Inc.’s holdings in 3M were worth $1,304,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the company. Howard Capital Management increased its position in 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock valued at $1,258,000 after buying an additional 90 shares during the period. Arvest Bank Trust Division increased its stake in shares of 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock worth $448,000 after buying an additional 244 shares during the last quarter. Loeb Partners Corp increased its stake in shares of 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock worth $1,646,000 after buying an additional 5,000 shares during the last quarter. West Oak Capital LLC increased its stake in shares of 3M by 100.6% in the first quarter. West Oak Capital LLC now owns 2,758 shares of the conglomerate’s stock worth $528,000 after buying an additional 1,383 shares during the last quarter. Finally, TRUE Private Wealth Advisors increased its stake in shares of 3M by 16.6% in the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock worth $489,000 after buying an additional 367 shares during the last quarter. 65.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Company (NYSE MMM) traded down 0.89% on Friday, hitting $203.53. The stock had a trading volume of 1,838,640 shares. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The firm has a 50-day moving average price of $207.30 and a 200-day moving average price of $197.49. The stock has a market capitalization of $121.46 billion, a P/E ratio of 23.22 and a beta of 1.08.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the business earned $2.08 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Equities analysts expect that 3M Company will post $8.94 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Wednesday, August 23rd. 3M’s dividend payout ratio is currently 53.59%.
A number of research firms have recently commented on MMM. Jefferies Group LLC reissued a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Wednesday. Stifel Nicolaus reiterated a “hold” rating and issued a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Citigroup Inc. lowered their price target on shares of 3M from $230.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, July 26th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $190.00 price objective (down previously from $191.00) on shares of 3M in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $203.40.
In other news, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the sale, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,112 shares of company stock worth $1,878,890. Corporate insiders own 0.58% of the company’s stock.
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, electronics, 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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