Cohen Lawrence B lowered its stake in 3M Co (NYSE:MMM) by 8.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,866 shares of the conglomerate’s stock after selling 910 shares during the quarter. Cohen Lawrence B’s holdings in 3M were worth $1,710,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. M. Kraus & Co raised its stake in 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after buying an additional 179 shares during the period. Schafer Cullen Capital Management Inc raised its stake in 3M by 26.8% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock worth $102,384,000 after buying an additional 124,665 shares during the period. Physicians Financial Services Inc. raised its stake in 3M by 11.7% during the 1st quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock worth $3,503,000 after buying an additional 1,763 shares during the period. Ascent Wealth Partners LLC raised its stake in 3M by 5.1% during the 2nd quarter. Ascent Wealth Partners LLC now owns 13,868 shares of the conglomerate’s stock worth $2,405,000 after buying an additional 676 shares during the period. Finally, Steinberg Global Asset Management raised its stake in 3M by 52.6% during the 1st quarter. Steinberg Global Asset Management now owns 4,903 shares of the conglomerate’s stock worth $1,019,000 after buying an additional 1,689 shares during the period. 67.55% of the stock is currently owned by institutional investors.
In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $169.68, for a total value of $916,272.00. Following the transaction, the insider now owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the company posted $2.59 earnings per share. 3M’s quarterly revenue was down 2.6% on a year-over-year basis. On average, sell-side analysts anticipate that 3M Co will post 9.29 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Thursday, August 15th. 3M’s payout ratio is currently 55.07%.
Several brokerages recently commented on MMM. JPMorgan Chase & Co. dropped their price objective on 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. UBS Group lowered their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a report on Monday, July 29th. Credit Suisse Group increased their target price on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Finally, Barclays reiterated a “sell” rating and set a $162.00 target price on shares of 3M in a report on Thursday, June 6th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. 3M presently has an average rating of “Hold” and an average price target of $182.54.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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