Wedge Capital Management L L P NC Boosts Stock Position in 3M Co (NYSE:MMM)

Wedge Capital Management L L P NC boosted its holdings in shares of 3M Co (NYSE:MMM) by 18.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,840 shares of the conglomerate’s stock after purchasing an additional 12,303 shares during the quarter. Wedge Capital Management L L P NC’s holdings in 3M were worth $13,666,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MMM. Creative Financial Designs Inc. ADV increased its holdings in 3M by 202.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 101 shares during the last quarter. Weaver Consulting Group purchased a new stake in 3M during the 1st quarter worth approximately $32,000. Cordasco Financial Network increased its holdings in 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after purchasing an additional 110 shares during the last quarter. Capital Financial Planning LLC purchased a new stake in 3M during the 4th quarter worth approximately $34,000. Finally, Arcus Capital Partners LLC purchased a new stake in 3M during the 2nd quarter worth approximately $35,000. Institutional investors own 67.55% of the company’s stock.

In related news, insider Joaquin Delgado sold 5,400 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the completion of the transaction, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.



Several equities research analysts have issued reports on the company. Gordon Haskett downgraded 3M from a “buy” rating to a “hold” rating and set a $191.98 price objective on the stock. in a report on Monday, April 29th. Bank of America decreased their target price on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. 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 research report on Monday, July 29th. Royal Bank of Canada set a $179.00 target price on 3M and gave the stock a “hold” rating in a research report on Friday, July 26th. Finally, Morgan Stanley lifted their target price on 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $182.54.

Shares of MMM traded down $0.83 during mid-day trading on Thursday, hitting $157.98. The stock had a trading volume of 86,171 shares, compared to its average volume of 3,092,303. The stock has a market capitalization of $93.26 billion, a P/E ratio of 15.09, a PEG ratio of 1.72 and a beta of 1.09. The company’s fifty day moving average price is $171.17. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a fifty-two week low of $158.04 and a fifty-two week high of $219.75.

3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.59 EPS. On average, equities analysts anticipate that 3M Co will post 9.29 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be given a dividend of $1.44 per share. The ex-dividend date is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.65%. 3M’s dividend payout ratio is currently 55.07%.

3M Profile

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.

Read More: Capital Gains Distribution

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

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