TNB Financial trimmed its holdings in 3M Co (NYSE:MMM) by 65.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,407 shares of the conglomerate’s stock after selling 25,318 shares during the quarter. TNB Financial’s holdings in 3M were worth $3,156,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of MMM. Lenox Wealth Advisors Inc. raised its holdings in shares of 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after buying an additional 489 shares during the period. Horan Capital Management purchased a new stake in shares of 3M in the fourth quarter worth approximately $123,000. Hoertkorn Richard Charles purchased a new stake in shares of 3M in the third quarter worth approximately $126,000. Sawyer & Company Inc purchased a new stake in shares of 3M in the fourth quarter worth approximately $138,000. Finally, Field & Main Bank purchased a new stake in shares of 3M in the fourth quarter worth approximately $140,000. Hedge funds and other institutional investors own 66.17% of the company’s stock.
Shares of 3M Co (NYSE MMM) opened at $235.07 on Wednesday. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $140,936.98, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 2.20 and a beta of 1.08. 3M Co has a 52-week low of $182.04 and a 52-week high of $259.77.
3M (NYSE:MMM) last announced its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.07. The business had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.88 EPS. equities research analysts forecast that 3M Co will post 10.59 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is 68.69%.
MMM has been the topic of several recent analyst reports. Citigroup increased their price target on 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Jefferies Group increased their price target on 3M to $262.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Bank of America increased their price target on 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $248.00 price objective on the stock in a research note on Wednesday, October 25th. Finally, Argus increased their price objective on 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus price target of $254.25.
In other 3M news, insider Hak Cheol Shin sold 8,385 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $247.20, for a total transaction of $2,072,772.00. Following the sale, the insider now owns 120,105 shares of the company’s stock, valued at approximately $29,689,956. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total value of $8,849,169.04. Following the sale, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. Insiders have sold a total of 49,673 shares of company stock worth $12,420,577 in the last ninety days. Insiders own 0.58% of the company’s stock.
3M Company Profile
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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