State of Alaska Department of Revenue boosted its position in 3M Co (NYSE:MMM) by 93.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 114,300 shares of the conglomerate’s stock after buying an additional 55,362 shares during the period. 3M makes up approximately 0.6% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 25th largest holding. State of Alaska Department of Revenue’s holdings in 3M were worth $26,900,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. Capital Research Global Investors acquired a new position in shares of 3M during the 2nd quarter worth approximately $89,237,000. Bank of Montreal Can raised its stake in shares of 3M by 38.9% during the 4th quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock worth $218,981,000 after buying an additional 260,349 shares during the period. Schwab Charles Investment Management Inc. raised its stake in 3M by 4.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new position in 3M in the 3rd quarter valued at $28,564,000. Finally, Capital Wealth Planning LLC raised its stake in 3M by 1,854.3% in the 2nd quarter. Capital Wealth Planning LLC now owns 131,427 shares of the conglomerate’s stock valued at $27,362,000 after purchasing an additional 124,702 shares during the last quarter. Hedge funds and other institutional investors own 66.09% of the company’s stock.
3M Co (NYSE:MMM) traded up $3.98 during midday trading on Monday, hitting $229.19. The stock had a trading volume of 3,290,126 shares, compared to its average volume of 2,700,000. The stock has a market cap of $136,510.00, a PE ratio of 28.90, a PEG ratio of 2.09 and a beta of 1.08. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. 3M Co has a fifty-two week low of $178.19 and a fifty-two week high of $259.77.
3M (NYSE:MMM) last posted its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The firm had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same quarter in the prior year, the company earned $1.88 EPS. 3M’s revenue was up 9.0% on a year-over-year basis. analysts expect that 3M Co will post 10.6 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be paid a dividend of $1.36 per share. This is a positive change from 3M’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.37%. 3M’s dividend payout ratio is presently 59.27%.
In related news, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the transaction, the chairman now owns 253,873 shares of the company’s stock, valued at approximately $63,757,665.22. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Hak Cheol Shin sold 8,385 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $247.20, for a total value of $2,072,772.00. Following the completion of the sale, the insider now directly owns 120,105 shares in the company, valued at approximately $29,689,956. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,673 shares of company stock worth $12,420,577. 0.58% of the stock is owned by corporate insiders.
Several research analysts recently commented on MMM shares. ValuEngine downgraded 3M from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Vetr raised 3M from a “hold” rating to a “buy” rating and set a $250.06 price objective for the company in a research note on Monday, February 5th. Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective for the company in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $254.00 target price on shares of 3M in a report on Thursday, January 25th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $249.93.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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