Obermeyer Wood Investment Counsel Lllp raised its stake in shares of 3M Co (NYSE:MMM) by 10.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,186 shares of the conglomerate’s stock after purchasing an additional 300 shares during the quarter. Obermeyer Wood Investment Counsel Lllp’s holdings in 3M were worth $750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in MMM. New York State Common Retirement Fund lifted its position in 3M by 0.5% during the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock valued at $356,877,000 after purchasing an additional 8,500 shares during the last quarter. Fayez Sarofim & Co. lifted its holdings in shares of 3M by 0.8% in the 3rd quarter. Fayez Sarofim & Co. now owns 50,556 shares of the conglomerate’s stock worth $10,612,000 after acquiring an additional 397 shares during the last quarter. Berkeley Capital Partners LLC bought a new stake in shares of 3M in the 3rd quarter worth approximately $247,000. Pacer Advisors Inc. lifted its holdings in shares of 3M by 11.8% in the 3rd quarter. Pacer Advisors Inc. now owns 15,215 shares of the conglomerate’s stock worth $3,194,000 after acquiring an additional 1,607 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in shares of 3M by 34.3% in the 3rd quarter. Park Avenue Securities LLC now owns 1,418 shares of the conglomerate’s stock worth $302,000 after acquiring an additional 362 shares during the last quarter. Institutional investors and hedge funds own 66.85% of the company’s stock.
Shares of 3M stock opened at $237.22 on Monday. 3M Co has a 1-year low of $188.62 and a 1-year high of $259.77. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. The company has a market cap of $141,264.52, a price-to-earnings ratio of 25.87, a P/E/G ratio of 2.20 and a beta of 1.10.
The company also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.36 per share. This is a positive change from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently 68.69%.
A number of brokerages have recently weighed in on MMM. Vetr lowered shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective for the company. in a report on Tuesday, February 27th. Barclays began coverage on shares of 3M in a report on Thursday, February 15th. They issued an “underweight” rating and a $235.00 price objective for the company. Deutsche Bank upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $240.00 to $275.00 in a report on Tuesday, February 13th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a report on Tuesday, January 30th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $254.00 price objective on shares of 3M in a report on Thursday, January 25th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $254.02.
In other 3M news, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the transaction, the chairman now directly owns 253,873 shares of the company’s stock, valued at approximately $63,757,665.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $249.76, for a total transaction of $419,846.56. Following the transaction, the chief financial officer now directly owns 23,562 shares in the company, valued at $5,884,845.12. The disclosure for this sale can be found here. Insiders have sold a total of 52,806 shares of company stock valued at $13,162,628 over the last quarter. 0.58% of the stock is currently owned by company insiders.
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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