Joel Isaacson & Co. LLC increased its stake in shares of 3M Co. (NYSE:MMM) by 84.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,573 shares of the company’s stock after buying an additional 3,464 shares during the period. Joel Isaacson & Co. LLC’s holdings in 3M were worth $1,326,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of MMM. Sigma Planning Corp increased its stake in shares of 3M by 27.5% in the second quarter. Sigma Planning Corp now owns 11,044 shares of the company’s stock worth $1,934,000 after buying an additional 2,383 shares during the last quarter. United Bank Inc. increased its stake in 3M by 0.6% in the second quarter. United Bank Inc. now owns 9,009 shares of the company’s stock worth $1,578,000 after buying an additional 55 shares during the last quarter. Independence Advisors LLC bought a new stake in 3M during the second quarter worth $203,000. Northwest Investment Counselors LLC increased its stake in 3M by 1.4% in the second quarter. Northwest Investment Counselors LLC now owns 11,986 shares of the company’s stock worth $2,099,000 after buying an additional 165 shares during the last quarter. Finally, Oakbrook Investments LLC increased its stake in 3M by 8.8% in the second quarter. Oakbrook Investments LLC now owns 38,151 shares of the company’s stock worth $6,681,000 after buying an additional 3,075 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.18% during mid-day trading on Friday, hitting $171.33. 2,249,588 shares of the stock traded hands. The firm’s 50-day moving average is $177.42 and its 200-day moving average is $173.15. The stock has a market cap of $103.55 billion, a price-to-earnings ratio of 21.87 and a beta of 0.99. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.01. The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the firm posted $2.02 earnings per share. On average, analysts forecast that 3M Co. will post $8.21 earnings per share 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 given a $1.11 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.44 annualized dividend and a yield of 2.59%. 3M’s payout ratio is 56.63%.
MMM has been the topic of a number of research analyst reports. Credit Suisse Group AG restated a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Jefferies Group restated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Deutsche Bank AG restated a “hold” rating and issued a $164.00 price target on shares of 3M in a research note on Thursday, August 25th. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Two research 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 presently has a consensus rating of “Hold” and a consensus target price of $167.11.
In other 3M news, insider Paul A. Keel sold 3,180 shares of the firm’s stock in a transaction dated 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 directly owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the firm’s 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 transaction, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. 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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