Sprucegrove Investment Management Ltd. cut its stake in 3M Co. (NYSE:MMM) by 14.3% during the second quarter, Holdings Channel reports. The institutional investor owned 160,633 shares of the company’s stock after selling 26,800 shares during the period. 3M makes up approximately 1.2% of Sprucegrove Investment Management Ltd.’s holdings, making the stock its 22nd largest position. Sprucegrove Investment Management Ltd.’s holdings in 3M were worth $28,130,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. CenturyLink Investment Management Co bought a new position in shares of 3M during the second quarter worth approximately $116,000. Parasol Investment Management LLC raised its position 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 during the last quarter. Clarius Group LLC bought a new position in shares of 3M during the first quarter worth approximately $202,000. Independence Advisors LLC bought a new position in shares of 3M during the second quarter worth approximately $203,000. Finally, 10 15 Associates Inc. bought a new position in shares of 3M during the first quarter worth approximately $204,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 0.11% on Monday, reaching $171.14. 1,936,639 shares of the company were exchanged. The company has a market capitalization of $103.44 billion, a price-to-earnings ratio of 21.84 and a beta of 0.99. The company’s 50-day moving average is $177.42 and its 200-day moving average is $173.15. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. The company had revenue of $7.70 billion for 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%. 3M’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.02 earnings per share. On average, equities analysts expect that 3M Co. will post $8.21 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders 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 56.63%.
Several research firms recently commented on MMM. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, August 4th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $186.00 target price (up previously from $178.00) on shares of 3M in a report on Thursday, July 28th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. 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, Morgan Stanley reaffirmed a “sell” rating and set a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Two 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 company’s stock. The stock has an average rating of “Hold” and a consensus price target of $167.11.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction on 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 $180,352.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James L. Bauman sold 9,066 shares of the business’s stock in a transaction 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 transaction, the insider now owns 10,834 shares in the company, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. Company 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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