Ontario Teachers Pension Plan Board boosted its stake in shares of 3M Co (NYSE:MMM) by 3.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 51,975 shares of the conglomerate’s stock after buying an additional 1,491 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in 3M were worth $12,233,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. American International Group Inc. boosted its holdings in 3M by 4.0% during the 4th quarter. American International Group Inc. now owns 190,279 shares of the conglomerate’s stock valued at $44,786,000 after acquiring an additional 7,300 shares during the period. Valmark Advisers Inc. purchased a new stake in 3M during the 4th quarter valued at about $334,000. Employees Retirement System of Texas boosted its holdings in 3M by 19.9% during the 4th quarter. Employees Retirement System of Texas now owns 126,400 shares of the conglomerate’s stock valued at $29,751,000 after acquiring an additional 21,000 shares during the period. Wedbush Securities Inc. boosted its holdings in 3M by 4.4% during the 4th quarter. Wedbush Securities Inc. now owns 8,529 shares of the conglomerate’s stock valued at $2,008,000 after acquiring an additional 357 shares during the period. Finally, Trustcore Financial Services LLC bought a new position in 3M during the 4th quarter valued at approximately $306,000. Institutional investors own 66.89% of the company’s stock.
In other news, EVP Frank R. Jr. Little sold 3,133 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total value of $742,051.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Hak Cheol Shin sold 8,385 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $247.20, for a total value of $2,072,772.00. Following the transaction, the insider now directly owns 120,105 shares of the company’s stock, valued at approximately $29,689,956. The disclosure for this sale can be found here. Insiders sold a total of 52,806 shares of company stock valued at $13,162,628 in the last three months. 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 consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The firm had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same quarter in the prior year, the company earned $1.88 EPS. The business’s revenue was up 9.0% compared to the same quarter last year. research analysts expect that 3M Co will post 10.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were given a $1.36 dividend. The ex-dividend date was Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.27%. This is a positive change from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio is currently 68.69%.
A number of research firms have commented on MMM. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Barclays began coverage on 3M in a research report on Thursday, February 15th. They set an “underweight” rating and a $235.00 price target for the company. Citigroup upped their price target on 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. UBS Group began coverage on 3M in a research report on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 price target for the company. Finally, Vetr raised 3M from a “hold” rating to a “buy” rating and set a $250.06 price target for the company in a research report on Monday, February 5th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target 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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