Crewe Advisors LLC acquired a new stake in 3M Co (NYSE:MMM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 946 shares of the conglomerate’s stock, valued at approximately $223,000.
A number of other large investors have also recently bought and sold shares of MMM. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of 3M by 623.6% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 16,100 shares of the conglomerate’s stock worth $294,000 after purchasing an additional 13,875 shares during the last quarter. Cedar Capital LLC lifted its holdings in 3M by 25.6% in the third quarter. Cedar Capital LLC now owns 1,803 shares of the conglomerate’s stock worth $378,000 after acquiring an additional 368 shares during the last quarter. Kingfisher Capital LLC bought a new position in 3M in the third quarter worth about $213,000. New York State Common Retirement Fund lifted its holdings in 3M by 0.5% in the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock worth $356,877,000 after acquiring an additional 8,500 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in 3M by 0.9% in the third quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock worth $236,039,000 after acquiring an additional 9,617 shares during the last quarter. 66.89% of the stock is owned by institutional investors.
In other 3M news, Chairman Inge G. Thulin sold 35,236 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total value of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares in the company, valued at $63,757,665.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Frank R. Jr. Little sold 3,133 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $236.85, for a total transaction of $742,051.05. The disclosure for this sale can be found here. Insiders sold 52,806 shares of company stock worth $13,162,628 in the last 90 days. 0.58% of the stock is owned by company insiders.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The company had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same quarter last year, the business earned $1.88 earnings per share. 3M’s revenue was up 9.0% compared to the same quarter last year. equities research analysts forecast that 3M Co will post 10.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be paid a $1.36 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.25%. This is a positive change from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is presently 68.69%.
A number of equities analysts have issued reports on the stock. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 target price on the stock in a report on Monday, January 15th. Vetr cut shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 target price on the stock. in a report on Tuesday, February 27th. UBS Group assumed coverage on shares of 3M in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 target price on the stock. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $221.00 target price (up previously from $208.00) on shares of 3M in a report on Thursday, January 18th. Finally, Deutsche Bank raised their target price on shares of 3M from $180.00 to $240.00 and gave the stock a “hold” rating in a report on Wednesday, January 10th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $254.02.
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3M Company Profile
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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