Gilman Hill Asset Management LLC boosted its stake in 3M Co. (NYSE:MMM) by 0.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,440 shares of the company’s stock after buying an additional 8 shares during the period. Gilman Hill Asset Management LLC’s holdings in 3M were worth $427,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in MMM. CenturyLink Investment Management Co purchased a new stake in 3M during the second quarter valued at about $116,000. Parasol Investment Management LLC boosted its stake in shares of 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock worth $157,000 after buying an additional 100 shares in the last quarter. Clarius Group LLC bought a new stake in shares of 3M during the first quarter worth $202,000. 10 15 Associates Inc. bought a new stake in shares of 3M during the first quarter worth $204,000. Finally, CrestPoint Capital Management LLC bought a new stake in shares of 3M during the second quarter worth $210,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.
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 stock has a market cap of $103.55 billion, a PE ratio of 21.87 and a beta of 0.99. The stock has a 50-day moving average of $177.42 and a 200 day moving average of $173.15. 3M Co. has a one year low of $134.64 and a one year high of $182.27.
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 Thomson Reuters’ consensus estimate of $2.07 by $0.01. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company’s revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.02 EPS. Equities analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is presently 56.63%.
A number of brokerages have weighed in on MMM. Jefferies Group lifted their price target on shares of 3M from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Credit Suisse Group AG lifted their price target on shares of 3M from $186.00 to $195.00 and gave the company an “outperform” rating in a research report on Wednesday, September 7th. Deutsche Bank AG reiterated a “hold” rating and set a $164.00 price target on shares of 3M in a research report on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and set a $168.00 price target on shares of 3M in a research report on Tuesday, August 23rd. Finally, Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $167.11.
In related news, insider James L. Bauman sold 9,066 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction that occurred on 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 directly owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
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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