Bridges Investment Management 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 20,772 shares of the conglomerate’s stock after buying an additional 50 shares during the period. Bridges Investment Management Inc.’s holdings in 3M were worth $4,325,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Howard Capital Management raised its position in shares of 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock worth $1,258,000 after buying an additional 90 shares during the period. Arvest Bank Trust Division raised its position in 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock valued at $448,000 after buying an additional 244 shares during the last quarter. Loeb Partners Corp raised its position in 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock valued at $1,646,000 after buying an additional 5,000 shares during the last quarter. West Oak Capital LLC raised its position in 3M by 100.6% in the first quarter. West Oak Capital LLC now owns 2,758 shares of the conglomerate’s stock valued at $528,000 after buying an additional 1,383 shares during the last quarter. Finally, TRUE Private Wealth Advisors raised its position in 3M by 16.6% in the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock valued at $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% during trading on Friday, hitting $203.53. The company 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 stock’s 50-day moving average price is $207.30 and its 200 day moving average price is $197.49. The company 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 earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate 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 for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter last year, the firm posted $2.08 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be issued a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.
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MMM has been the subject of several recent analyst reports. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 price objective (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Credit Suisse Group reissued a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Morgan Stanley reissued an “underweight” rating and issued a $191.00 price target (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $203.40.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were 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 of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 in the last ninety days. 0.58% of the stock is owned by corporate insiders.
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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