Delta Capital Management LLC reduced its position in 3M Co (NYSE:MMM) by 7.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,647 shares of the conglomerate’s stock after selling 1,140 shares during the quarter. Delta Capital Management LLC’s holdings in 3M were worth $2,408,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. M. Kraus & Co lifted its holdings in shares of 3M by 5.2% during the second quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock valued at $629,000 after acquiring an additional 179 shares during the period. Edgestream Partners L.P. lifted its holdings in shares of 3M by 3,427.1% during the second quarter. Edgestream Partners L.P. now owns 45,500 shares of the conglomerate’s stock valued at $7,887,000 after acquiring an additional 44,210 shares during the period. Schafer Cullen Capital Management Inc lifted its holdings in shares of 3M by 26.8% during the second quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock valued at $102,384,000 after acquiring an additional 124,665 shares during the period. Hikari Power Ltd lifted its holdings in shares of 3M by 3.9% during the second quarter. Hikari Power Ltd now owns 193,600 shares of the conglomerate’s stock valued at $33,559,000 after acquiring an additional 7,270 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of 3M by 26.8% during the second quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock valued at $77,840,000 after acquiring an additional 94,863 shares during the period. 66.77% of the stock is owned by hedge funds and other institutional investors.
Shares of 3M stock traded up $5.60 during trading on Friday, reaching $157.91. The company’s stock had a trading volume of 228,477 shares, compared to its average volume of 2,765,893. The stock has a 50-day moving average price of $161.81 and a two-hundred day moving average price of $175.86. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. 3M Co has a one year low of $150.58 and a one year high of $219.75. The stock has a market capitalization of $86.72 billion, a P/E ratio of 15.10, a price-to-earnings-growth ratio of 1.70 and a beta of 1.11.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the business posted $2.59 earnings per share. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M Co will post 9.32 EPS 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 $1.44 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.65%. 3M’s dividend payout ratio is 55.07%.
A number of brokerages have issued reports on MMM. Morgan Stanley cut their price objective on 3M from $177.00 to $173.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. UBS Group cut their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Barclays cut their price objective on 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Bank of America cut their price objective on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, Credit Suisse Group lifted their price objective on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus target price of $182.15.
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 value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares in the company, valued at $1,017,969.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.83% of the company’s stock.
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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