Twin Capital Management Inc. lowered its stake in shares of 3M Co. (NYSE:MMM) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,920 shares of the company’s stock after selling 150 shares during the period. Twin Capital Management Inc.’s holdings in 3M were worth $5,415,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in MMM. McQueen Ball & Associates Inc. raised its position in shares of 3M by 0.9% in the first quarter. McQueen Ball & Associates Inc. now owns 14,061 shares of the company’s stock valued at $2,343,000 after buying an additional 131 shares during the period. Bridge Creek Capital Management LLC purchased a new position in shares of 3M during the first quarter valued at approximately $379,000. First Hawaiian Bank raised its position in shares of 3M by 48.5% in the first quarter. First Hawaiian Bank now owns 3,236 shares of the company’s stock valued at $540,000 after buying an additional 1,057 shares during the period. Wagner Bowman Management Corp raised its position in shares of 3M by 0.5% in the first quarter. Wagner Bowman Management Corp now owns 15,147 shares of the company’s stock valued at $2,523,000 after buying an additional 70 shares during the period. Finally, Mission Wealth Management LLC purchased a new position in shares of 3M during the first quarter valued at approximately $362,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded down 1.4677% on Thursday, hitting $174.9835. The stock had a trading volume of 942,066 shares. The stock’s 50-day moving average is $178.71 and its 200 day moving average is $172.72. The firm has a market capitalization of $105.76 billion, a price-to-earnings ratio of 22.3336 and a beta of 1.07. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same period in the previous year, the firm posted $2.02 earnings per share. The firm’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities research analysts predict that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a dividend of $1.11 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.44 annualized dividend and a yield of 2.50%. 3M’s payout ratio is currently 56.63%.
Several brokerages have recently commented on MMM. Jefferies Group increased their price objective on 3M from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Credit Suisse Group AG raised their price target on 3M from $186.00 to $195.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 7th. Deutsche Bank AG restated a “hold” rating and set a $164.00 price target on shares of 3M in a research report on Thursday, August 25th. Morgan Stanley restated a “sell” rating and set a $168.00 price target on shares of 3M in a research report on Tuesday, August 23rd. Finally, Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the sale, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co. (NYSE:MMM).
Receive News & Ratings for 3M Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Co. and related companies with MarketBeat.com's FREE daily email newsletter.