SSI Investment Management Inc. boosted its position in shares of 3M Co. (NYSE:MMM) by 1.3% during the second quarter, Holdings Channel reports. The fund owned 1,640 shares of the company’s stock after buying an additional 21 shares during the period. SSI Investment Management Inc.’s holdings in 3M were worth $290,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. Founders Capital Management LLC raised its position in shares of 3M by 0.4% in the second quarter. Founders Capital Management LLC now owns 1,916 shares of the company’s stock worth $336,000 after buying an additional 8 shares during the last quarter. Gilman Hill Asset Management LLC increased its stake in shares of 3M by 0.3% in the second quarter. Gilman Hill Asset Management LLC now owns 2,440 shares of the company’s stock worth $427,000 after buying an additional 8 shares during the period. Elefante Mark B increased its stake in shares of 3M by 0.5% in the second quarter. Elefante Mark B now owns 1,985 shares of the company’s stock worth $348,000 after buying an additional 10 shares during the period. Capital Management Corp VA increased its stake in shares of 3M by 0.3% in the second quarter. Capital Management Corp VA now owns 3,889 shares of the company’s stock worth $681,000 after buying an additional 12 shares during the period. Finally, Sequoia Financial Advisors LLC increased its stake in shares of 3M by 0.8% in the second quarter. Sequoia Financial Advisors LLC now owns 1,799 shares of the company’s stock worth $315,000 after buying an additional 14 shares during the period. 65.67% of the stock is owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.18% during mid-day trading on Friday, reaching $171.33. The company’s stock had a trading volume of 2,249,588 shares. The stock has a market cap of $103.55 billion, a P/E ratio of 21.87 and a beta of 0.99. 3M Co. has a one year low of $134.64 and a one year high of $182.27. The stock has a 50 day moving average of $177.42 and a 200-day moving average of $173.15.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same quarter in the prior year, the firm posted $2.02 earnings per share. 3M’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities research analysts expect that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a $1.11 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a yield of 2.59%. 3M’s dividend payout ratio is presently 56.63%.
MMM has been the topic of a number of recent research reports. Credit Suisse Group AG restated a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Jefferies Group restated a “buy” rating on shares of 3M in a research report on Wednesday, July 6th. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Morgan Stanley restated a “sell” rating and set a $168.00 price objective on shares of 3M in a research report on Tuesday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $167.11.
In other news, insider Paul A. Keel sold 3,180 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $567,280.20. Following the completion of the sale, the insider now owns 9,961 shares in the company, valued at $1,776,942.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the sale, the vice president now owns 1,011 shares of the company’s stock, 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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