3M Company (NYSE:MMM) Position Held by Gabelli Funds LLC

Gabelli Funds LLC held its position in shares of 3M Company (NYSE:MMM) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,000 shares of the conglomerate’s stock at the end of the first quarter. Gabelli Funds LLC’s holdings in 3M were worth $6,314,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cable Hill Partners LLC increased its stake in shares of 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock valued at $122,000 after buying an additional 15 shares in the last quarter. Reilly Financial Advisors LLC raised its stake in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares in the last quarter. Jackson Grant Investment Advisers Inc. raised its stake in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares in the last quarter. American Research & Management Co. raised its stake in shares of 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock valued at $179,000 after buying an additional 70 shares in the last quarter. Finally, American National Bank raised its stake in shares of 3M by 23.2% in the first quarter. American National Bank now owns 965 shares of the conglomerate’s stock valued at $185,000 after buying an additional 182 shares in the last quarter. Institutional investors own 65.71% of the company’s stock.

Shares of 3M Company (NYSE:MMM) opened at 203.53 on Friday. The stock has a 50 day moving average price of $207.30 and a 200 day moving average price of $197.49. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The firm has a market cap of $121.46 billion, a PE ratio of 23.22 and a beta of 1.08.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the business posted $2.08 EPS. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts expect that 3M Company will post $8.94 EPS for the current year.

The firm also recently announced 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 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s dividend payout ratio is currently 53.59%.

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Several brokerages have commented on MMM. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a research note on Monday, June 19th. Stifel Nicolaus reaffirmed a “hold” rating and set a $202.00 target price on shares of 3M in a report on Wednesday, July 19th. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 target price (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $234.00 target price on shares of 3M in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $203.40.

In other 3M news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is owned by insiders.

About 3M

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.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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