Marcum Wealth LLC decreased its holdings in shares of 3M (NYSE:MMM) by 10.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,960 shares of the conglomerate’s stock after selling 584 shares during the quarter. Marcum Wealth LLC’s holdings in 3M were worth $985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the business. Mission Wealth Management LP increased its holdings in shares of 3M by 0.7% in the first quarter. Mission Wealth Management LP now owns 6,733 shares of the conglomerate’s stock worth $1,297,000 after purchasing an additional 49 shares during the period. Founders Financial Alliance LLC increased its holdings in shares of 3M by 2.9% in the second quarter. Founders Financial Alliance LLC now owns 1,756 shares of the conglomerate’s stock worth $350,000 after purchasing an additional 50 shares during the period. Westhampton Capital LLC increased its holdings in shares of 3M by 0.3% in the second quarter. Westhampton Capital LLC now owns 16,811 shares of the conglomerate’s stock worth $3,339,000 after purchasing an additional 51 shares during the period. Loudon Investment Management LLC increased its holdings in shares of 3M by 0.4% in the second quarter. Loudon Investment Management LLC now owns 15,024 shares of the conglomerate’s stock worth $2,984,000 after purchasing an additional 53 shares during the period. Finally, Sargent Bickham Lagudis LLC increased its holdings in shares of 3M by 0.6% in the second quarter. Sargent Bickham Lagudis LLC now owns 8,498 shares of the conglomerate’s stock worth $1,688,000 after purchasing an additional 53 shares during the period. 66.82% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Khandpur K. Ashish sold 6,505 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $196.86, for a total transaction of $1,280,574.30. Following the completion of the sale, the insider now owns 26,855 shares of the company’s stock, valued at $5,286,675.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey R. Lavers sold 6,025 shares of the firm’s stock in a transaction that occurred on Wednesday, August 11th. The shares were sold at an average price of $200.00, for a total transaction of $1,205,000.00. Following the sale, the insider now directly owns 10,973 shares of the company’s stock, valued at approximately $2,194,600. The disclosure for this sale can be found here. Insiders have sold 20,666 shares of company stock valued at $4,103,569 in the last ninety days. Insiders own 0.34% of the company’s stock.
3M (NYSE:MMM) last released its quarterly earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The company had revenue of $8.90 billion during the quarter, compared to the consensus estimate of $8.59 billion. During the same period in the prior year, the firm earned $1.78 earnings per share. 3M’s revenue was up 24.0% on a year-over-year basis. Equities analysts forecast that 3M will post 10.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were paid a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date was Friday, August 20th. 3M’s dividend payout ratio is 67.73%.
Several research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $208.00 price target on the stock in a report on Friday, August 6th. Credit Suisse Group cut 3M from an “outperform” rating to a “neutral” rating and increased their target price for the company from $210.00 to $212.00 in a research note on Tuesday, July 6th. Wolfe Research cut 3M from a “peer perform” rating to an “underperform” rating and reduced their target price for the company from $218.00 to $215.00 in a research note on Monday, July 12th. Deutsche Bank Aktiengesellschaft increased their target price on 3M from $196.00 to $201.00 and gave the company a “hold” rating in a research note on Wednesday, July 28th. Finally, Morgan Stanley increased their target price on 3M from $200.00 to $213.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 28th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $198.92.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
Read More: What is the strike price in options trading?
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.