Northeast Financial Consultants Inc continued to hold its stake in 3M Company (NYSE:MMM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,020 shares of the conglomerate’s stock at the end of the second quarter. Northeast Financial Consultants Inc’s holdings in 3M were worth $421,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. American Century Companies Inc. increased its stake in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the period. Karp Capital Management Corp raised its position in shares of 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares in the last quarter. Swiss National Bank raised its position in shares of 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its position in shares of 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares in the last quarter. Institutional investors and hedge funds own 65.71% of the company’s stock.
Shares of 3M Company (NYSE MMM) traded down 0.89% during midday trading on Friday, reaching $203.53. 1,838,640 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $207.30 and its 200 day moving average price is $197.49. 3M Company has a one year low of $163.85 and a one year high of $214.57. The firm has a market capitalization of $121.46 billion, a PE 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 analysts’ consensus estimates of $2.59 by $0.01. The firm had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.08 earnings per share. On average, equities research analysts expect that 3M Company will post $8.94 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a dividend of $1.175 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.31%. 3M’s dividend payout ratio is currently 53.59%.
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MMM has been the subject of a number of research reports. Credit Suisse Group reiterated a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Stifel Nicolaus increased their target price on shares of 3M from $190.00 to $202.00 and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Jefferies Group LLC reiterated a “buy” rating and set a $219.00 target price on shares of 3M in a research report on Friday, May 26th. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Finally, Citigroup Inc. restated a “buy” rating and issued a $229.00 price objective (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $203.40.
In related news, insider Frank R. Jr. Little sold 2,719 shares of the firm’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 sale, the insider now directly 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 link. Also, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction 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 sale, 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. Insiders have sold a total of 9,112 shares of company stock valued at $1,878,890 over the last quarter. 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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