Eads & Heald Wealth Management lifted its position in 3M Co (NYSE:MMM) by 2.2% in the first quarter, HoldingsChannel reports. The firm owned 9,283 shares of the conglomerate’s stock after acquiring an additional 202 shares during the period. Eads & Heald Wealth Management’s holdings in 3M were worth $1,929,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Creative Financial Designs Inc. ADV increased its stake in shares of 3M by 202.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after buying an additional 101 shares in the last quarter. Cordasco Financial Network increased its stake in shares of 3M by 220.0% in the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after buying an additional 110 shares in the last quarter. Capital Financial Planning LLC acquired a new stake in shares of 3M in the fourth quarter valued at $34,000. Penserra Capital Management LLC acquired a new stake in shares of 3M in the fourth quarter valued at $35,000. Finally, Lake Point Wealth Management acquired a new stake in shares of 3M in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 66.72% of the company’s stock.
In other 3M news, Director David B. Dillon acquired 1,200 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were acquired at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the acquisition, the director now directly owns 1,200 shares of the company’s stock, valued at approximately $203,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the transaction, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 3,200 shares of company stock worth $559,260. Company insiders own 0.83% of the company’s stock.
Shares of MMM opened at $168.91 on Wednesday. The company has a current ratio of 2.02, a quick ratio of 1.38 and a debt-to-equity ratio of 1.60. 3M Co has a 1 year low of $159.32 and a 1 year high of $219.75. The stock has a market cap of $98.01 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 1.76 and a beta of 1.08.
3M (NYSE:MMM) last issued its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.50 by ($0.27). 3M had a return on equity of 57.42% and a net margin of 17.43%. The company had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $8.02 billion. During the same quarter last year, the business posted $2.50 EPS. 3M’s quarterly revenue was down 5.0% on a year-over-year basis. As a group, equities analysts predict that 3M Co will post 9.32 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is currently 55.07%.
A number of analysts have recently weighed in on the company. Barclays restated a “sell” rating and issued a $162.00 target price on shares of 3M in a research note on Thursday, June 6th. Citigroup lowered their target price on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. Morgan Stanley lowered their target price on 3M from $184.00 to $172.00 and set an “equal weight” rating for the company in a research note on Friday, May 24th. JPMorgan Chase & Co. decreased their price target on 3M from $154.00 to $143.00 and set an “underweight” rating on the stock in a report on Friday, May 17th. Finally, Gordon Haskett cut 3M from a “buy” rating to a “hold” rating and set a $191.98 price target on the stock. in a report on Monday, April 29th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $191.67.
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3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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