Laurel Wealth Advisors Inc. boosted its holdings in shares of 3M Co (NYSE:MMM) by 0.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 31,583 shares of the conglomerate’s stock after purchasing an additional 185 shares during the period. 3M accounts for approximately 1.2% of Laurel Wealth Advisors Inc.’s portfolio, making the stock its 13th biggest position. Laurel Wealth Advisors Inc.’s holdings in 3M were worth $5,475,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of MMM. Ronna Sue Cohen lifted its holdings in 3M by 20,703.2% during the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after acquiring an additional 2,672,577 shares in the last quarter. Thoroughbred Financial Services LLC raised its stake in shares of 3M by 17,524.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock valued at $168,081,000 after purchasing an additional 1,671,269 shares during the period. BlackRock Inc. raised its stake in shares of 3M by 1.2% in the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after purchasing an additional 472,084 shares during the period. Geode Capital Management LLC raised its stake in shares of 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares during the period. Finally, Jensen Investment Management Inc. raised its stake in shares of 3M by 15.8% in the 2nd quarter. Jensen Investment Management Inc. now owns 2,296,670 shares of the conglomerate’s stock valued at $398,105,000 after purchasing an additional 312,811 shares during the period. Hedge funds and other institutional investors own 67.09% of the company’s stock.
In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.83% of the company’s stock.
Several analysts have issued reports on MMM shares. Citigroup dropped their price target on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Barclays reissued a “sell” rating and issued a $162.00 price target on shares of 3M in a research note on Thursday, June 6th. UBS Group dropped their price target on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada set a $179.00 price target on 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 price target on the stock in a research note on Monday, July 29th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $182.54.
Shares of NYSE:MMM traded down $0.06 during midday trading on Friday, reaching $170.52. The company had a trading volume of 30,155 shares, compared to its average volume of 2,519,946. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. The business’s 50 day moving average price is $164.67 and its 200 day moving average price is $182.03. The stock has a market cap of $97.98 billion, a PE ratio of 16.29, a P/E/G ratio of 1.90 and a beta of 1.11. 3M Co has a 1-year low of $154.00 and a 1-year high of $219.75.
3M (NYSE:MMM) last released its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.16. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. 3M’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.59 earnings per share. On average, research analysts expect that 3M Co will post 9.34 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, August 15th. 3M’s payout ratio is currently 55.07%.
3M Company Profile
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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