Coldstream Capital Management Inc. boosted its stake in 3M Co. (NYSE:MMM) by 469.0% during the second quarter, Holdings Channel reports. The firm owned 11,517 shares of the company’s stock after buying an additional 9,493 shares during the period. Coldstream Capital Management Inc.’s holdings in 3M were worth $2,017,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of MMM. Emerald Acquisition Ltd. bought a new position in 3M during the second quarter worth $179,251,000. Bank of Montreal Can bought a new position in 3M during the second quarter worth $135,349,000. Ameriprise Financial Inc. raised its position in 3M by 61.3% in the second quarter. Ameriprise Financial Inc. now owns 1,055,278 shares of the company’s stock worth $184,843,000 after buying an additional 401,187 shares during the last quarter. Wellington Management Group LLP raised 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 worth $661,657,000 after buying an additional 381,798 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its position in 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock worth $136,753,000 after buying an additional 349,353 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) traded up 0.11% during mid-day trading on Wednesday, reaching $169.87. The company’s stock had a trading volume of 117,211 shares. The company has a 50-day moving average price of $176.91 and a 200 day moving average price of $173.30. The company has a market cap of $102.67 billion, a PE ratio of 21.68 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 issued its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period last year, the company earned $2.02 EPS. 3M’s quarterly revenue was down .3% compared to the same quarter last year. Equities analysts expect 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 dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is presently 56.63%.
MMM has been the subject of a number of recent analyst reports. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a report on Sunday, July 10th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Wednesday, July 6th. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a report on Monday, June 27th. Finally, Morgan Stanley reissued a “sell” rating and set a $168.00 price objective on shares of 3M in a report on Tuesday, August 23rd. 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 company. 3M currently 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 3M stock in a transaction 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 completion of the sale, the vice president now directly owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul A. Keel sold 3,180 shares of 3M stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $567,280.20. Following the sale, the insider now directly owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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