Mogy Joel R Investment Counsel Inc. Has $2,018,000 Stake in 3M Company (NYSE:MMM)

Mogy Joel R Investment Counsel Inc. held its position in shares of 3M Company (NYSE:MMM) during the first quarter, according to its most recent disclosure with the SEC. The fund owned 10,545 shares of the conglomerate’s stock at the end of the first quarter. Mogy Joel R Investment Counsel Inc.’s holdings in 3M were worth $2,018,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MMM. American Century Companies Inc. raised its position in shares of 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Karp Capital Management Corp raised its position in shares of 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares during the last quarter. Swiss National Bank raised its position in shares of 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its position in shares of 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares during the last quarter. Hedge funds and other institutional investors own 65.71% of the company’s stock.

Shares of 3M Company (NYSE:MMM) traded down 0.733% during trading on Thursday, reaching $206.395. 561,363 shares of the company traded hands. The company has a market capitalization of $123.17 billion, a price-to-earnings ratio of 23.542 and a beta of 1.08. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The firm’s 50 day moving average price is $207.58 and its 200-day moving average price is $197.24.

3M (NYSE:MMM) last released 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. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. 3M’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.08 earnings per share. Equities analysts anticipate that 3M Company will post $8.94 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be issued a dividend of $1.175 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a yield of 2.26%. 3M’s dividend payout ratio (DPR) is presently 53.59%.

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MMM has been the subject of a number of research analyst reports. Jefferies Group LLC raised their price objective on 3M from $210.00 to $219.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, April 27th. Stifel Nicolaus increased their price target on shares of 3M from $190.00 to $202.00 and gave the company a “hold” rating in a report on Wednesday, April 26th. Barclays PLC reaffirmed an “overweight” rating and issued a $201.00 price target (up previously from $200.00) on shares of 3M in a report on Wednesday, April 19th. Finally, Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $203.40.

In other 3M news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.58% of the stock is owned by corporate insiders.

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.