United Bank Inc. boosted its stake in shares of 3M Co. (NYSE:MMM) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 9,009 shares of the company’s stock after buying an additional 55 shares during the period. United Bank Inc.’s holdings in 3M were worth $1,578,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in 3M by 5.0% in the first quarter. Geode Capital Management LLC now owns 5,330,612 shares of the company’s stock valued at $886,575,000 after buying an additional 251,776 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in 3M by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 5,008,441 shares of the company’s stock valued at $834,557,000 after buying an additional 60,719 shares in the last quarter. BlackRock Group LTD boosted its position in 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock valued at $831,988,000 after buying an additional 297,153 shares in the last quarter. Wellington Management Group LLP boosted its position in 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock valued at $661,657,000 after buying an additional 381,798 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in 3M by 1.9% in the first quarter. Legal & General Group Plc now owns 2,687,848 shares of the company’s stock valued at $447,887,000 after buying an additional 51,078 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 0.18% during midday trading on Friday, reaching $171.33. The company had a trading volume of 2,249,588 shares. The stock’s 50 day moving average is $177.42 and its 200-day moving average is $173.15. The stock has a market capitalization of $103.55 billion, a PE ratio of 21.87 and a beta of 0.99. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping 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 earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the firm earned $2.02 EPS. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities research analysts predict that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were given a $1.11 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.59%. 3M’s dividend payout ratio (DPR) is presently 56.63%.
A number of brokerages have issued reports on MMM. Credit Suisse Group AG restated a “buy” rating on shares of 3M in a report on Sunday, July 10th. Jefferies Group restated a “buy” rating on shares of 3M in a report on Thursday, August 4th. Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Finally, Sanford C. Bernstein restated 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 issued a hold rating and three have assigned a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average price target of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the company’s 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 sale, the insider now owns 10,834 shares in the company, valued at approximately $1,933,002.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul A. Keel sold 3,180 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 value of $567,280.20. Following the completion of the sale, 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 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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