Marcus Capital LLC lessened its holdings in 3M Co (NYSE:MMM) by 36.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,735 shares of the conglomerate’s stock after selling 2,150 shares during the quarter. 3M accounts for approximately 3.4% of Marcus Capital LLC’s investment portfolio, making the stock its 11th biggest position. Marcus Capital LLC’s holdings in 3M were worth $879,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the business. Lenox Wealth Advisors Inc. lifted its stake in shares of 3M by 16,300.0% in the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 489 shares during the last quarter. Horan Capital Management bought a new position in shares of 3M in the 4th quarter valued at $123,000. Hoertkorn Richard Charles bought a new position in shares of 3M in the 3rd quarter valued at $126,000. Sawyer & Company Inc bought a new position in shares of 3M in the 4th quarter valued at $138,000. Finally, Field & Main Bank bought a new position in shares of 3M in the 4th quarter valued at $140,000. 66.17% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CFO Nicholas C. Gangestad sold 1,681 shares of 3M stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of the transaction, the chief financial officer now directly owns 23,562 shares of the company’s stock, valued at approximately $5,884,845.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Ippocratis Vrohidis sold 225 shares of 3M stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $249.68, for a total value of $56,178.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,806 shares of company stock valued at $13,162,628. Corporate insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last announced its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The business had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. 3M’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period last year, the company earned $1.88 EPS. equities research analysts anticipate that 3M Co will post 10.59 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a $1.36 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a dividend yield of 2.23%. 3M’s dividend payout ratio (DPR) is 68.69%.
A number of research analysts have recently commented on the company. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Vetr cut 3M from a “buy” rating to a “hold” rating and set a $251.35 price target for the company. in a research note on Tuesday. Barclays assumed coverage on 3M in a research note on Thursday, February 15th. They issued an “underweight” rating and a $235.00 price target for the company. Citigroup increased their price target on 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. Finally, UBS Group assumed coverage on 3M in a research note on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 price target for the company. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $254.02.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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