Pure Financial Advisors Inc. bought a new stake in shares of 3M Co (NYSE:MMM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,336 shares of the conglomerate’s stock, valued at approximately $208,000.
Several other hedge funds have also added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of 3M in the 4th quarter worth about $877,754,000. Advisor Group Holdings Inc. purchased a new position in 3M during the 1st quarter valued at about $36,671,000. Flossbach Von Storch AG lifted its position in 3M by 33.4% during the 1st quarter. Flossbach Von Storch AG now owns 7,767,020 shares of the conglomerate’s stock valued at $1,060,276,000 after acquiring an additional 1,944,377 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in 3M by 3,725.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,450,861 shares of the conglomerate’s stock valued at $255,131,000 after acquiring an additional 1,412,934 shares during the period. Finally, Alliancebernstein L.P. lifted its position in 3M by 58.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,663,207 shares of the conglomerate’s stock valued at $469,843,000 after acquiring an additional 977,188 shares during the period. 65.83% of the stock is currently owned by institutional investors.
In other 3M news, CEO Michael F. Roman sold 7,894 shares of 3M stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the transaction, the chief executive officer now owns 57,868 shares of the company’s stock, valued at $8,604,971.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Khandpur K. Ashish sold 3,605 shares of 3M stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the transaction, the executive vice president now directly owns 19,193 shares in the company, valued at approximately $2,818,492.05. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock worth $5,930,874 in the last ninety days. Insiders own 0.42% of the company’s stock.
3M (NYSE:MMM) last announced its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.13. The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 15.37% and a return on equity of 50.24%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.23 earnings per share. Sell-side analysts predict that 3M Co will post 7.91 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were issued a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a yield of 3.80%. The ex-dividend date was Thursday, May 21st. 3M’s dividend payout ratio is currently 64.62%.
A number of brokerages recently issued reports on MMM. Credit Suisse Group lifted their price target on shares of 3M from $165.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $133.00 price objective for the company in a research note on Thursday, April 30th. Gordon Haskett lowered shares of 3M from a “hold” rating to an “underperform” rating in a research note on Monday, March 30th. Deutsche Bank raised their price objective on shares of 3M from $158.00 to $163.00 and gave the company a “hold” rating in a research note on Wednesday, April 29th. Finally, Goldman Sachs Group reduced their price objective on shares of 3M from $172.00 to $159.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $162.00.
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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