Financial Advisory Service Inc. increased its stake in shares of 3M Co. (NYSE:MMM) by 0.9% during the second quarter, Holdings Channel reports. The institutional investor owned 2,005 shares of the company’s stock after buying an additional 17 shares during the period. Financial Advisory Service Inc.’s holdings in 3M were worth $351,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. Reilly Financial Advisors LLC boosted its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock valued at $113,000 after buying an additional 178 shares in the last quarter. CenturyLink Investment Management Co bought a new position in 3M during the second quarter valued at $116,000. Jackson Grant Investment Advisers Inc. boosted its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock valued at $124,000 after buying an additional 49 shares in the last quarter. Parasol Investment Management LLC boosted its position 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 in the last quarter. Finally, Pointe Capital Management LLC bought a new position in 3M during the second quarter valued at $201,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded down 0.40% during trading on Friday, hitting $170.96. 695,561 shares of the company were exchanged. The firm’s 50 day moving average price is $177.64 and its 200-day moving average price is $173.10. The stock has a market capitalization of $103.33 billion, a PE ratio of 21.82 and a beta of 0.99. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. The business 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 firm’s revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company posted $2.02 earnings per share. Equities analysts predict that 3M Co. will post $8.21 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a $1.11 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 dividend on an annualized basis and a yield of 2.59%. 3M’s dividend payout ratio is presently 56.63%.
Several research analysts have recently commented on MMM shares. Morgan Stanley reaffirmed a “sell” rating and set a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $195.00 target price on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 10,834 shares in the company, valued at $1,933,002.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the company’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 approximately $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by company 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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