Neuburgh Advisers LLC raised its stake in 3M Company (NYSE:MMM) by 24.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,996 shares of the conglomerate’s stock after buying an additional 1,386 shares during the period. Neuburgh Advisers LLC’s holdings in 3M were worth $1,339,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. Howard Capital Management raised its position in 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock worth $1,258,000 after buying an additional 90 shares in the last quarter. Arvest Bank Trust Division raised its position in 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock worth $448,000 after buying an additional 244 shares in the last quarter. Loeb Partners Corp raised its position in 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock worth $1,646,000 after buying an additional 5,000 shares in the last quarter. TRUE Private Wealth Advisors raised its position in 3M by 16.6% in the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock worth $489,000 after buying an additional 367 shares in the last quarter. Finally, Personal Capital Advisors Corp raised its position in 3M by 10.4% in the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock worth $29,982,000 after buying an additional 14,830 shares in the last quarter. 65.71% of the stock is owned by hedge funds and other institutional investors.
3M Company (MMM) remained flat at $202.13 during midday trading on Friday. 1,238,228 shares of the stock traded hands. The stock has a market cap of $120.62 billion, a P/E ratio of 23.06 and a beta of 1.08. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The firm’s 50-day moving average is $206.57 and its 200-day moving average is $198.51.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.08 earnings per share. Equities analysts forecast that 3M Company will post $8.94 earnings per share 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 dividend yield of 2.33%. 3M’s dividend payout ratio (DPR) is 53.59%.
MMM has been the topic of a number of recent analyst reports. Jefferies Group LLC restated a “buy” rating and issued a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. BidaskClub lowered 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a research note on Friday, May 26th. Bank of America Corporation restated a “buy” rating and issued a $225.00 target price (up from $208.00) on shares of 3M in a research note on Tuesday, June 6th. Finally, Morgan Stanley restated an “underweight” rating and issued a $190.00 target price (down from $191.00) on shares of 3M in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $206.68.
In related news, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the sale, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock worth $1,878,890 over the last three months. 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.
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