Somerville Kurt F boosted its position in shares of 3M Co. (NYSE:MMM) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,017 shares of the company’s stock after buying an additional 1,315 shares during the period. 3M accounts for approximately 4.3% of Somerville Kurt F’s portfolio, making the stock its 3rd largest position. Somerville Kurt F’s holdings in 3M were worth $18,916,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in MMM. Reilly Financial Advisors LLC raised its position in shares of 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares during the period. CenturyLink Investment Management Co bought a new position in shares of 3M during the second quarter worth about $116,000. Jackson Grant Investment Advisers Inc. raised its position in shares of 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares during the period. Parasol Investment Management LLC raised its position in shares of 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock worth $157,000 after buying an additional 100 shares during the period. Finally, Pointe Capital Management LLC bought a new position in shares of 3M during the second quarter worth about $201,000. 65.67% of the stock is currently owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.82% on Monday, reaching $174.79. 768,476 shares of the company traded hands. The firm’s 50 day moving average is $178.48 and its 200 day moving average is $172.84. The company has a market capitalization of $105.64 billion, a P/E ratio of 22.31 and a beta of 0.99. 3M Co. has a one year low of $134.64 and a one year high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the business earned $2.02 EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. Analysts expect that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is presently 56.63%.
A number of equities analysts recently issued reports on the stock. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research report on Thursday, August 4th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $186.00 target price (up previously from $178.00) on shares of 3M in a research report on Thursday, July 28th. Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and set a $168.00 price target on shares of 3M in a research note on Tuesday, August 23rd. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. 3M has an average rating of “Hold” and a consensus target price of $167.11.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction on Friday, July 29th. The stock was 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 approximately $180,352.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul A. Keel sold 3,180 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value 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. 0.58% of the stock is 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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