Haverford Trust Co. lifted its holdings in 3M Co (NYSE:MMM) by 3.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 48,204 shares of the conglomerate’s stock after purchasing an additional 1,565 shares during the quarter. Haverford Trust Co.’s holdings in 3M were worth $11,346,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of MMM. Lenox Wealth Advisors Inc. boosted its stake in 3M by 16,300.0% during the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after buying an additional 489 shares during the period. Horan Capital Management purchased a new position in 3M during the fourth quarter worth $123,000. Sawyer & Company Inc purchased a new position in 3M during the fourth quarter worth $138,000. Field & Main Bank purchased a new position in 3M during the fourth quarter worth $140,000. Finally, Ford Financial Group Inc. purchased a new position in 3M during the fourth quarter worth $143,000. 66.85% of the stock is owned by hedge funds and other institutional investors.
Shares of 3M Co (MMM) opened at $223.17 on Friday. The stock has a market cap of $139,430.38, a price-to-earnings ratio of 28.18, a PEG ratio of 2.17 and a beta of 1.10. 3M Co has a one year low of $188.62 and a one year high of $259.77. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.33 and a current ratio of 1.86.
The business also recently announced 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 is a positive change from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is currently 68.69%.
Several research firms have commented on MMM. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price objective for the company in a research note on Monday, January 15th. Vetr lowered shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective for the company. in a research note on Tuesday, February 27th. UBS began coverage on shares of 3M in a research note on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 price objective for the company. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $221.00 price objective (up from $208.00) on shares of 3M in a research note on Thursday, January 18th. Finally, Deutsche Bank lifted their price objective on shares of 3M from $180.00 to $240.00 and gave the stock a “hold” rating in a research note on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. 3M presently has a consensus rating of “Hold” and a consensus price target of $254.34.
In related news, Chairman Inge G. Thulin sold 35,236 shares of 3M stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the completion of the sale, the chairman now directly owns 253,873 shares in the company, valued at $63,757,665.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Nicholas C. Gangestad sold 1,681 shares of 3M stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of the sale, the chief financial officer now owns 23,562 shares of the company’s stock, valued at $5,884,845.12. The disclosure for this sale can be found here. Insiders have sold 52,806 shares of company stock valued at $13,162,628 over the last three months. Insiders own 0.58% of the company’s stock.
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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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