Lynch & Associates IN trimmed its holdings in shares of 3M Co (NYSE:MMM) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,781 shares of the conglomerate’s stock after selling 120 shares during the quarter. Lynch & Associates IN’s holdings in 3M were worth $2,266,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. North Star Investment Management Corp. raised its stake in 3M by 28.7% in the 3rd quarter. North Star Investment Management Corp. now owns 15,604 shares of the conglomerate’s stock valued at $2,565,000 after purchasing an additional 3,477 shares during the last quarter. Fulton Bank N.A. raised its stake in 3M by 0.7% in the 3rd quarter. Fulton Bank N.A. now owns 17,794 shares of the conglomerate’s stock valued at $2,925,000 after purchasing an additional 129 shares during the last quarter. Enterprise Trust & Investment Co raised its stake in 3M by 56.5% in the 3rd quarter. Enterprise Trust & Investment Co now owns 13,850 shares of the conglomerate’s stock valued at $2,277,000 after purchasing an additional 5,000 shares during the last quarter. West Oak Capital LLC raised its stake in 3M by 16.4% in the 3rd quarter. West Oak Capital LLC now owns 2,125 shares of the conglomerate’s stock valued at $349,000 after purchasing an additional 300 shares during the last quarter. Finally, Private Trust Co. NA raised its stake in 3M by 2.3% in the 3rd quarter. Private Trust Co. NA now owns 14,067 shares of the conglomerate’s stock valued at $2,312,000 after purchasing an additional 315 shares during the last quarter. 66.77% of the stock is owned by institutional investors and hedge funds.
In other news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction on 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 directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.59 EPS. On average, analysts forecast that 3M Co will post 9.32 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 16th were issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend was Thursday, August 15th. 3M’s dividend payout ratio is presently 55.07%.
Several research firms recently commented on MMM. Credit Suisse Group increased their price objective on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Bank of America reduced their price objective on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective for the company in a research note on Monday, July 29th. JPMorgan Chase & Co. reduced their price objective on 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada set a $179.00 price objective on 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $182.23.
3M Company 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.
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