Altfest L J & Co. Inc. increased its stake in shares of 3M Company (NYSE:MMM) by 0.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,249 shares of the conglomerate’s stock after buying an additional 7 shares during the period. Altfest L J & Co. Inc.’s holdings in 3M were worth $1,196,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in MMM. American Century Companies Inc. increased its stake in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in 3M by 386.1% in the first quarter. Canada Pension Plan Investment Board now owns 226,882 shares of the conglomerate’s stock valued at $43,409,000 after buying an additional 180,204 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in 3M by 18.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 435,512 shares of the conglomerate’s stock valued at $83,595,000 after buying an additional 67,127 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in 3M during the fourth quarter valued at about $7,794,000. Finally, TNB Financial acquired a new stake in 3M during the first quarter valued at about $8,088,000. Institutional investors and hedge funds own 65.71% of the company’s stock.
3M Company (MMM) traded up 0.36% on Wednesday, reaching $207.92. The company had a trading volume of 1,704,161 shares. The stock has a market cap of $124.08 billion, a price-to-earnings ratio of 23.72 and a beta of 1.08. 3M Company has a one year low of $163.85 and a one year high of $214.57. The company has a 50-day moving average of $207.63 and a 200 day moving average of $197.16.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the company posted $2.08 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts predict that 3M Company will post $8.94 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be issued a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.26%. 3M’s payout ratio is presently 53.59%.
Several equities research analysts have issued reports on the company. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective on the stock in a report on Monday, June 19th. Stifel Nicolaus restated a “hold” rating and set a $202.00 price objective on shares of 3M in a report on Wednesday, July 19th. Morgan Stanley restated an “underweight” rating and set a $191.00 price objective (down from $193.00) on shares of 3M in a report on Monday, July 10th. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, Jefferies Group LLC restated a “buy” rating and set a $234.00 price objective on shares of 3M in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $203.40.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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