Harvey Capital Management Inc. maintained its stake in 3M Co. (NYSE:MMM) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 5,040 shares of the company’s stock at the end of the second quarter. Harvey Capital Management Inc.’s holdings in 3M were worth $882,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. CenturyLink Investment Management Co bought a new stake in 3M during the second quarter valued at approximately $116,000. Parasol Investment Management LLC increased its stake in 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock valued at $157,000 after buying an additional 100 shares during the last quarter. Clarius Group LLC bought a new stake in 3M during the first quarter valued at approximately $202,000. 10 15 Associates Inc. bought a new stake in 3M during the first quarter valued at approximately $204,000. Finally, CrestPoint Capital Management LLC bought a new stake in 3M during the second quarter valued at approximately $210,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded up 0.49% during mid-day trading on Friday, hitting $176.23. 2,419,430 shares of the stock were exchanged. The company has a 50-day moving average price of $178.48 and a 200-day moving average price of $172.84. The company has a market cap of $106.51 billion, a P/E ratio of 22.49 and a beta of 1.07. 3M Co. has a one year low of $134.64 and a one year high of $182.27.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. The firm had revenue of $7.70 billion for 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 revenue was down .3% on a year-over-year basis. During the same period last year, the firm posted $2.02 EPS. Analysts forecast that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is 56.63%.
Several equities research analysts have recently commented on the stock. Jefferies Group reiterated a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Morgan Stanley restated a “sell” rating on shares of 3M in a research report on Friday, June 10th. Credit Suisse Group AG restated a “buy” rating and set a $195.00 target price on shares of 3M in a research report on Friday, September 16th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. 3M has a consensus rating of “Hold” and a consensus price target of $167.11.
In related news, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $299,516.81. Following the transaction, the vice president now directly owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider James L. Bauman sold 9,066 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the transaction, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
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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