Logan Capital Management Inc. reduced its stake in shares of 3M Co (NYSE:MMM) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,068 shares of the conglomerate’s stock after selling 312 shares during the quarter. Logan Capital Management Inc.’s holdings in 3M were worth $1,193,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in MMM. Lenox Wealth Advisors Inc. raised its stake in 3M by 16,300.0% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after acquiring an additional 489 shares in the last quarter. Horan Capital Management acquired a new stake in 3M during the 4th quarter worth $123,000. Sawyer & Company Inc acquired a new stake in 3M during the 4th quarter worth $138,000. Field & Main Bank acquired a new stake in 3M during the 4th quarter worth $140,000. Finally, Global Trust Asset Management LLC acquired a new stake in 3M during the 4th quarter worth $189,000. Hedge funds and other institutional investors own 66.89% of the company’s stock.
In other news, CFO Nicholas C. Gangestad sold 1,681 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.76, for a total transaction of $419,846.56. Following the transaction, the chief financial officer now directly owns 23,562 shares in the company, valued at $5,884,845.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the transaction, the chairman now owns 253,873 shares in the company, valued at $63,757,665.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,806 shares of company stock worth $13,162,628. Company insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same period in the previous year, the business posted $1.88 earnings per share. The business’s revenue was up 9.0% compared to the same quarter last year. research analysts predict that 3M Co will post 10.59 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.29%. This is a positive change from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is 68.69%.
Several equities research analysts recently commented on MMM shares. Argus reiterated a “buy” rating on shares of 3M in a research note on Friday, December 22nd. Citigroup lifted their price objective on shares of 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective on the stock in a research note on Wednesday, January 24th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $221.00 price objective (up from $208.00) on shares of 3M in a research note on Thursday, January 18th. Finally, Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price objective on the stock in a research note on Monday, January 15th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $254.02.
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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, , 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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