Commerce Bank decreased its stake in 3M Company (NYSE:MMM) by 0.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 199,420 shares of the conglomerate’s stock after selling 868 shares during the period. Commerce Bank’s holdings in 3M were worth $38,155,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in MMM. American Century Companies Inc. boosted 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. Karp Capital Management Corp boosted its stake 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 period. Swiss National Bank boosted its stake 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 period. Bank of New York Mellon Corp boosted 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. Finally, Pictet Asset Management Ltd. boosted its stake in shares of 3M by 22.3% in the first quarter. Pictet Asset Management Ltd. now owns 1,034,181 shares of the conglomerate’s stock worth $197,870,000 after buying an additional 188,794 shares during the period. 65.71% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Company (NYSE MMM) remained flat at $202.13 on Friday. The stock had a trading volume of 1,238,228 shares. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The firm has a 50 day moving average price of $206.57 and a 200 day moving average price of $198.51. The stock has a market cap of $120.62 billion, a price-to-earnings ratio of 23.06 and a beta of 1.08.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.08 EPS. On average, equities analysts anticipate that 3M Company will post $8.94 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be given a dividend of $1.175 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a yield of 2.33%. 3M’s dividend payout ratio (DPR) is 53.59%.
A number of equities research analysts recently weighed in on MMM shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $191.00 price target (up from $187.00) on shares of 3M in a research report on Saturday, April 29th. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Jefferies Group LLC reissued a “buy” rating and issued a $219.00 price target on shares of 3M in a research report on Friday, May 26th. Citigroup Inc. reissued a “buy” rating and issued a $229.00 price target (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Finally, Bank of America Corporation reissued a “buy” rating and issued a $225.00 price target (up from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $206.68.
In related news, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the transaction, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,112 shares of company stock worth $1,878,890. 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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