Monument Capital Management bought a new position in 3M (NYSE:MMM) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,285 shares of the conglomerate’s stock, valued at approximately $2,367,000.
Several other institutional investors have also added to or reduced their stakes in the stock. Fulton Breakefield Broenniman LLC boosted its position in shares of 3M by 20.1% during the first quarter. Fulton Breakefield Broenniman LLC now owns 6,423 shares of the conglomerate’s stock valued at $1,237,000 after buying an additional 1,076 shares during the last quarter. Bridge Creek Capital Management LLC boosted its position in shares of 3M by 6.6% during the first quarter. Bridge Creek Capital Management LLC now owns 6,735 shares of the conglomerate’s stock valued at $1,298,000 after buying an additional 415 shares during the last quarter. Selective Wealth Management Inc. boosted its position in shares of 3M by 25.2% during the first quarter. Selective Wealth Management Inc. now owns 1,392 shares of the conglomerate’s stock valued at $268,000 after buying an additional 280 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in shares of 3M during the first quarter valued at $308,000. Finally, Legacy Private Trust Co. boosted its position in shares of 3M by 6.4% during the first quarter. Legacy Private Trust Co. now owns 5,829 shares of the conglomerate’s stock valued at $1,123,000 after buying an additional 350 shares during the last quarter. 64.68% of the stock is currently owned by institutional investors.
Several equities research analysts recently commented on MMM shares. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and set a $205.00 price objective on the stock in a research report on Wednesday, January 27th. Barclays raised their target price on 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 6th. Citigroup raised their target price on 3M from $185.00 to $188.00 in a research report on Wednesday, January 27th. Royal Bank of Canada reissued a “hold” rating on shares of 3M in a research report on Sunday, January 24th. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $196.00 target price on the stock in a research report on Thursday, January 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus target price of $184.73.
3M (NYSE:MMM) last issued its earnings results on Monday, January 25th. The conglomerate reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.23. The company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.39 billion. 3M had a return on equity of 44.77% and a net margin of 15.65%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company earned $2.15 EPS. Research analysts anticipate that 3M will post 8.56 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 12th. Investors of record on Friday, February 12th were paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 2.99%. The ex-dividend date was Thursday, February 11th. This is an increase from 3M’s previous quarterly dividend of $1.47. 3M’s dividend payout ratio (DPR) is 65.05%.
In related news, EVP Michael G. Vale sold 30,875 shares of 3M stock in a transaction that occurred on Friday, January 29th. The stock was sold at an average price of $175.53, for a total transaction of $5,419,488.75. Following the sale, the executive vice president now owns 79,155 shares of the company’s stock, valued at approximately $13,894,077.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.42% of the stock is currently owned by company insiders.
3M Company Profile
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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