FineMark National Bank & Trust increased its stake in shares of 3M Co. (NYSE:MMM) by 45.7% during the second quarter, Holdings Channel reports. The institutional investor owned 34,900 shares of the company’s stock after buying an additional 10,947 shares during the period. FineMark National Bank & Trust’s holdings in 3M were worth $6,111,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. increased its position in 3M by 61.3% in the second quarter. Ameriprise Financial Inc. now owns 1,055,278 shares of the company’s stock valued at $184,843,000 after buying an additional 401,187 shares in the last quarter. Somerville Kurt F increased its position in 3M by 1.2% in the second quarter. Somerville Kurt F now owns 108,017 shares of the company’s stock valued at $18,916,000 after buying an additional 1,315 shares in the last quarter. Gardiner Nancy B increased its position in 3M by 13.6% in the second quarter. Gardiner Nancy B now owns 7,797 shares of the company’s stock valued at $1,367,000 after buying an additional 935 shares in the last quarter. Compton Capital Management Inc. RI increased its position in 3M by 7.2% in the second quarter. Compton Capital Management Inc. RI now owns 14,819 shares of the company’s stock valued at $2,595,000 after buying an additional 995 shares in the last quarter. Finally, Elefante Mark B increased its position in 3M by 0.5% in the second quarter. Elefante Mark B now owns 1,985 shares of the company’s stock valued at $348,000 after buying an additional 10 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded down 1.31% on Tuesday, hitting $172.75. 1,246,187 shares of the stock were exchanged. The firm has a market cap of $104.41 billion, a PE ratio of 22.05 and a beta of 0.99. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27. The company has a 50-day moving average price of $178.33 and a 200-day moving average price of $173.07.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the 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 earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same quarter last year, the firm posted $2.02 EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities research analysts anticipate that 3M Co. will post $8.21 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.54%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is currently 56.63%.
Several equities analysts have commented on the stock. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Credit Suisse Group AG reiterated a “buy” rating and issued a $195.00 price objective on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Morgan Stanley restated a “sell” rating and issued a $168.00 price target on shares of 3M in a research note on Tuesday, August 23rd. Finally, Jefferies Group restated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $167.11.
In related news, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the completion of the sale, the vice president now owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the sale, the insider now directly owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.
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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