Schooner Investment Group LLC. lowered its position in 3M Co. (NYSE:MMM) by 50.0% during the second quarter, Holdings Channel reports. The fund owned 1,500 shares of the company’s stock after selling 1,500 shares during the period. Schooner Investment Group LLC.’s holdings in 3M were worth $263,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of the company. Wealthsource Partners LLC increased its stake in shares of 3M by 34.0% in the second quarter. Wealthsource Partners LLC now owns 2,231 shares of the company’s stock worth $391,000 after buying an additional 566 shares during the last quarter. Wedgewood Investors Inc. PA increased its stake in shares of 3M by 0.6% in the second quarter. Wedgewood Investors Inc. PA now owns 6,275 shares of the company’s stock worth $1,099,000 after buying an additional 36 shares during the last quarter. Bailard Inc. increased its stake in shares of 3M by 38.1% in the second quarter. Bailard Inc. now owns 6,667 shares of the company’s stock worth $1,168,000 after buying an additional 1,838 shares during the last quarter. Halbert Hargrove Russell LLC increased its stake in shares of 3M by 9.7% in the second quarter. Halbert Hargrove Russell LLC now owns 1,757 shares of the company’s stock worth $308,000 after buying an additional 156 shares during the last quarter. Finally, Ardevora Asset Management LLP increased its stake in shares of 3M by 47.3% in the second quarter. Ardevora Asset Management LLP now owns 163,400 shares of the company’s stock worth $28,615,000 after buying an additional 52,500 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded up 0.60% during trading on Friday, reaching $176.42. 1,140,725 shares of the company traded hands. The firm’s 50 day moving average is $178.61 and its 200-day moving average is $172.74. The stock has a market capitalization of $106.63 billion, a P/E ratio of 22.52 and a beta of 1.07. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the consensus estimate of $2.07 by $0.01. The firm earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.02 earnings per share. On average, equities research analysts anticipate that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is 56.63%.
A number of analysts have weighed in on the company. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a report on Tuesday. Credit Suisse Group AG reiterated a “buy” rating and set a $195.00 price target on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reiterated a “hold” rating and set a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and set a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Finally, Jefferies Group restated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $167.11.
In related news, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the transaction, the vice president now owns 1,011 shares in the company, valued at $180,352.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul A. Keel sold 3,180 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $567,280.20. Following the transaction, the insider now owns 9,961 shares in the company, valued at approximately $1,776,942.79. The disclosure for this sale can be found here. 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.
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