Denver Investment Advisors LLC decreased its position in 3M Co (NYSE:MMM) by 2.1% in the 1st quarter, HoldingsChannel reports. The fund owned 89,329 shares of the conglomerate’s stock after selling 1,910 shares during the period. 3M makes up about 1.0% of Denver Investment Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. Denver Investment Advisors LLC’s holdings in 3M were worth $19,609,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Cim Investment Mangement Inc. raised its holdings in 3M by 7.0% in the 1st quarter. Cim Investment Mangement Inc. now owns 4,796 shares of the conglomerate’s stock valued at $1,053,000 after acquiring an additional 314 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in 3M by 6.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 19,089 shares of the conglomerate’s stock valued at $4,191,000 after acquiring an additional 1,114 shares in the last quarter. Financial Advantage Inc. raised its holdings in 3M by 1.9% in the 1st quarter. Financial Advantage Inc. now owns 22,338 shares of the conglomerate’s stock valued at $4,904,000 after acquiring an additional 408 shares in the last quarter. Wagner Wealth Management LLC raised its holdings in 3M by 33.5% in the 1st quarter. Wagner Wealth Management LLC now owns 2,270 shares of the conglomerate’s stock valued at $498,000 after acquiring an additional 570 shares in the last quarter. Finally, Cidel Asset Management Inc. acquired a new position in 3M in the 1st quarter valued at approximately $224,000. 65.66% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on MMM. Vetr cut 3M from a “buy” rating to a “hold” rating and set a $251.35 price target for the company. in a report on Tuesday, February 27th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Wednesday, April 11th. Jefferies Group lowered 3M from a “buy” rating to a “hold” rating and lowered their price objective for the company from $259.77 to $200.00 in a research note on Wednesday, May 16th. Argus lowered their price objective on 3M from $285.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 25th. Finally, Royal Bank of Canada upgraded 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 price objective on the stock in a research note on Thursday, May 3rd. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $241.97.
3M opened at $198.67 on Thursday, according to Marketbeat Ratings. The company has a market cap of $119.78 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 1.90 and a beta of 1.17. 3M Co has a one year low of $191.44 and a one year high of $259.77. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.17 and a current ratio of 1.65.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 24th. The conglomerate reported $2.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $2.50. The business had revenue of $8.28 billion for the quarter, compared to analyst estimates of $8.21 billion. 3M had a return on equity of 50.11% and a net margin of 12.83%. 3M’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.16 EPS. analysts forecast that 3M Co will post 10.42 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 12th. Investors of record on Friday, May 18th will be given a dividend of $1.36 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $5.44 dividend on an annualized basis and a yield of 2.74%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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