Seaward Management Limited Partnership decreased its position in shares of 3M Company (NYSE:MMM) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 95,873 shares of the conglomerate’s stock after selling 855 shares during the period. Seaward Management Limited Partnership’s holdings in 3M were worth $18,343,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Bank of New York Mellon Corp increased its stake 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 period. First Eagle Investment Management LLC increased its stake in shares of 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the period. Ameriprise Financial Inc. increased its stake in shares of 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares during the period. American Century Companies Inc. increased its stake 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 period. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of 3M by 3.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares during the period. Institutional investors and hedge funds own 65.71% of the company’s stock.
Shares of 3M Company (NYSE MMM) traded down 0.89% on Friday, reaching $203.53. The company had a trading volume of 1,838,640 shares. The company’s 50 day moving average price is $207.30 and its 200-day moving average price is $197.49. The stock has a market capitalization of $121.46 billion, a P/E ratio of 23.22 and a beta of 1.08. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The firm had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.08 EPS. Equities analysts predict that 3M Company will post $8.94 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s payout ratio is presently 53.59%.
A number of equities research analysts have issued reports on MMM shares. Citigroup Inc. restated a “buy” rating and set a $229.00 price objective (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a research note on Thursday, April 27th. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 target price (down previously from $193.00) on shares of 3M in a research note on Monday, July 10th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 target price on shares of 3M in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $203.40.
In other 3M news, insider Paul A. Keel sold 4,965 shares of the business’s 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 sale, the insider now owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the sale, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,112 shares of company stock worth $1,878,890. Corporate insiders own 0.58% of the company’s stock.
About 3M
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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