Martin Investment Management LLC lowered its stake in 3M Company (NYSE:MMM) by 29.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,270 shares of the conglomerate’s stock after selling 23,287 shares during the period. 3M makes up approximately 3.0% of Martin Investment Management LLC’s portfolio, making the stock its 15th largest position. Martin Investment Management LLC’s holdings in 3M were worth $10,766,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Gulf International Bank UK Ltd raised its position in shares of 3M by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 187,279 shares of the conglomerate’s stock worth $35,832,000 after buying an additional 2,400 shares in the last quarter. Forte Capital LLC ADV raised its position in shares of 3M by 42.2% in the first quarter. Forte Capital LLC ADV now owns 2,962 shares of the conglomerate’s stock worth $567,000 after buying an additional 879 shares in the last quarter. Trust Co. of Oklahoma raised its position in shares of 3M by 3.4% in the first quarter. Trust Co. of Oklahoma now owns 8,007 shares of the conglomerate’s stock worth $1,532,000 after buying an additional 265 shares in the last quarter. Burke & Herbert Bank & Trust Co. raised its position in shares of 3M by 4.8% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 6,600 shares of the conglomerate’s stock worth $1,262,000 after buying an additional 300 shares in the last quarter. Finally, Cable Hill Partners LLC raised its position in shares of 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock worth $122,000 after buying an additional 15 shares in the last quarter. Institutional investors and hedge funds own 65.71% of the company’s stock.
Shares of 3M Company (NYSE MMM) opened at 203.53 on Friday. The firm has a market capitalization of $121.46 billion, a price-to-earnings ratio of 23.22 and a beta of 1.08. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The company has a 50-day moving average price of $207.30 and a 200-day moving average price of $197.49.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the company earned $2.08 EPS. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities analysts forecast that 3M Company will post $8.94 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be paid a $1.175 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.31%. 3M’s payout ratio is 53.59%.
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A number of equities research analysts have weighed in on MMM shares. Citigroup Inc. reissued a “buy” rating and issued a $229.00 price target (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Credit Suisse Group reissued a “buy” rating on shares of 3M in a report on Thursday, April 27th. Morgan Stanley reissued an “underweight” rating and issued a $191.00 price target (down from $193.00) on shares of 3M in a report on Monday, July 10th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price target on shares of 3M in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $203.40.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the 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 transaction, the insider now owns 9,010 shares in the company, valued at $1,856,330.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last three months, insiders sold 9,112 shares of company stock valued at $1,878,890. Insiders own 0.58% of the company’s stock.
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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