Chicago Capital LLC bought a new stake in 3M (NYSE:MMM) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,971 shares of the conglomerate’s stock, valued at approximately $1,091,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lenox Wealth Advisors Inc. boosted its stake in 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 489 shares during the last quarter. Horan Capital Management purchased a new position in 3M in the fourth quarter valued at about $123,000. Virtue Capital Management LLC purchased a new position in 3M in the fourth quarter valued at about $127,000. Ballew Advisors Inc purchased a new position in 3M in the first quarter valued at about $122,000. Finally, Field & Main Bank purchased a new position in 3M in the fourth quarter valued at about $140,000. Hedge funds and other institutional investors own 65.66% of the company’s stock.
3M opened at $198.97 on Wednesday, MarketBeat.com reports. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.17 and a current ratio of 1.65. The company has a market cap of $118.12 billion, a P/E ratio of 21.70, a PEG ratio of 1.88 and a beta of 1.17. 3M has a 1-year low of $191.44 and a 1-year high of $259.77.
3M (NYSE:MMM) last posted its earnings results on Tuesday, April 24th. The conglomerate reported $2.50 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $2.50. The business had revenue of $8.28 billion for the quarter, compared to analyst estimates of $8.21 billion. 3M had a net margin of 12.83% and a return on equity of 50.11%. 3M’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.16 EPS. research analysts expect that 3M will post 10.42 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 12th. Investors of record on Friday, May 18th will be issued a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Thursday, May 17th. 3M’s dividend payout ratio (DPR) is presently 59.32%.
A number of research firms have weighed in on MMM. Royal Bank of Canada upgraded shares of 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 target price on the stock in a research note on Thursday, May 3rd. They noted that the move was a valuation call. Jefferies Group cut shares of 3M from a “buy” rating to a “hold” rating and dropped their price target for the company from $259.77 to $200.00 in a research note on Wednesday, May 16th. Stifel Nicolaus dropped their price target on shares of 3M from $225.00 to $210.00 and set a “hold” rating on the stock in a research note on Wednesday, April 25th. UBS dropped their price target on shares of 3M from $250.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, April 26th. Finally, JPMorgan Chase dropped their price target on shares of 3M from $227.00 to $221.00 and set an “underweight” rating on the stock in a research note on Thursday, April 26th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $241.97.
In related news, EVP Frank R. Jr. Little sold 3,133 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $236.85, for a total transaction of $742,051.05. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.72% of the company’s stock.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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