Ethic Inc. boosted its holdings in 3M (NYSE:MMM) by 7.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,916 shares of the conglomerate’s stock after purchasing an additional 140 shares during the quarter. Ethic Inc.’s holdings in 3M were worth $381,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of MMM. Newton One Investments LLC purchased a new stake in 3M in the 2nd quarter worth $37,000. Anfield Capital Management LLC purchased a new stake in 3M in the 2nd quarter worth $37,000. Lake Point Wealth Management purchased a new stake in 3M in the 2nd quarter worth $38,000. Smith Asset Management Group LP purchased a new stake in 3M in the 2nd quarter worth $40,000. Finally, tru Independence LLC purchased a new stake in 3M in the 2nd quarter worth $46,000. Institutional investors and hedge funds own 66.82% of the company’s stock.
MMM opened at $181.49 on Friday. The firm has a market cap of $105.02 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.92 and a beta of 0.96. 3M has a 12 month low of $156.13 and a 12 month high of $208.95. The company has a current ratio of 1.73, a quick ratio of 1.22 and a debt-to-equity ratio of 1.12. The stock has a 50-day moving average of $195.63 and a 200 day moving average of $196.27.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 12th. Shareholders of record on Monday, August 23rd were paid a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.26%. The ex-dividend date was Friday, August 20th. 3M’s payout ratio is currently 67.73%.
In other 3M news, insider Eric D. Hammes sold 1,765 shares of the firm’s stock in a transaction dated Tuesday, August 3rd. The shares were sold at an average price of $201.83, for a total value of $356,229.95. Following the completion of the sale, the insider now owns 6,756 shares of the company’s stock, valued at $1,363,563.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. In the last three months, insiders sold 20,666 shares of company stock valued at $4,103,569. 0.34% of the stock is owned by insiders.
MMM has been the subject of a number of research analyst reports. Morgan Stanley raised their price objective on 3M from $200.00 to $213.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 28th. Credit Suisse Group lowered 3M from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $210.00 to $212.00 in a research report on Tuesday, July 6th. UBS Group cut their price objective on 3M from $183.00 to $172.00 and set a “sell” rating for the company in a research report on Friday. Wolfe Research lowered 3M from a “peer perform” rating to an “underperform” rating and cut their price objective for the company from $218.00 to $215.00 in a research report on Monday, July 12th. Finally, Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $208.00 price objective for the company in a research report on Friday, August 6th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $196.85.
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.
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