Bank of Nova Scotia Trust Co. boosted its holdings in 3M Co (NYSE:MMM) by 15.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,993 shares of the conglomerate’s stock after purchasing an additional 6,688 shares during the quarter. 3M comprises 1.3% of Bank of Nova Scotia Trust Co.’s portfolio, making the stock its 20th largest position. Bank of Nova Scotia Trust Co.’s holdings in 3M were worth $12,002,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Lenox Wealth Advisors Inc. grew its holdings in 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after purchasing an additional 489 shares during the period. Horan Capital Management purchased a new stake in 3M in the fourth quarter worth about $123,000. Sawyer & Company Inc purchased a new stake in 3M in the fourth quarter worth about $138,000. Field & Main Bank purchased a new stake in 3M in the fourth quarter worth about $140,000. Finally, Ford Financial Group Inc. purchased a new stake in 3M in the fourth quarter worth about $143,000. Institutional investors and hedge funds own 66.85% of the company’s stock.
In related 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hak Cheol Shin sold 8,385 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $247.20, for a total transaction of $2,072,772.00. Following the completion of the sale, the insider now owns 120,105 shares in the company, valued at approximately $29,689,956. 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 currently owned by corporate insiders.
3M (NYSE:MMM) last issued 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. 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 analysts’ expectations of $7.85 billion. During the same quarter last year, the company posted $1.88 earnings per share. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. analysts expect that 3M Co will post 10.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were issued a $1.36 dividend. The ex-dividend date was Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.53%. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is currently 68.69%.
A number of brokerages have weighed in on MMM. Citigroup set a $284.00 price objective on shares of 3M and gave the stock a “buy” rating in a report on Saturday. ValuEngine cut shares of 3M from a “buy” rating to a “hold” rating in a report on Friday. Vetr upgraded shares of 3M from a “buy” rating to a “strong-buy” rating and set a $256.47 price target on the stock in a report on Friday. Barclays started coverage on shares of 3M in a report on Thursday, February 15th. They set an “underweight” rating and a $235.00 price target on the stock. Finally, Deutsche Bank upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $240.00 to $275.00 in a report on Tuesday, February 13th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. 3M presently has an average rating of “Hold” and an average target price of $254.72.
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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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