OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in shares of 3M (NYSE:MMM) by 48.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 32,413 shares of the conglomerate’s stock after acquiring an additional 10,600 shares during the quarter. 3M comprises about 0.8% of OLD Mutual Customised Solutions Proprietary Ltd.’s portfolio, making the stock its 20th largest position. OLD Mutual Customised Solutions Proprietary Ltd.’s holdings in 3M were worth $7,629,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Segall Bryant & Hamill LLC lifted its holdings in shares of 3M by 2.0% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 136,399 shares of the conglomerate’s stock valued at $28,630,000 after buying an additional 2,702 shares during the period. L & S Advisors Inc lifted its holdings in shares of 3M by 32.0% in the 3rd quarter. L & S Advisors Inc now owns 42,153 shares of the conglomerate’s stock valued at $8,848,000 after buying an additional 10,223 shares during the period. Cedar Hill Associates LLC acquired a new position in shares of 3M in the 3rd quarter valued at about $378,000. Cambria Investment Management L.P. lifted its holdings in shares of 3M by 146.4% in the 3rd quarter. Cambria Investment Management L.P. now owns 24,245 shares of the conglomerate’s stock valued at $5,089,000 after buying an additional 14,405 shares during the period. Finally, Valeo Financial Advisors LLC acquired a new position in shares of 3M in the 3rd quarter valued at about $842,000. 66.88% of the stock is owned by institutional investors.
In other 3M news, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the completion of the sale, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Frank R. Jr. Little sold 3,133 shares of the business’s 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,806 shares of company stock valued at $13,162,628. 0.58% of the stock is owned by company insiders.
3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same period in the previous year, the business earned $1.88 EPS. 3M’s quarterly revenue was up 9.0% on a year-over-year basis. equities research analysts forecast that 3M will post 10.57 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were paid 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 annualized dividend and a yield of 2.49%. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is 59.32%.
MMM has been the subject of several analyst reports. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Barclays decreased their price objective on 3M from $235.00 to $230.00 and set an “underweight” rating for the company in a report on Monday, March 26th. Vetr upgraded 3M from a “hold” rating to a “buy” rating and set a $250.06 price target for the company in a research note on Monday, February 5th. Royal Bank of Canada restated a “hold” rating and issued a $254.00 price target on shares of 3M in a research note on Thursday, January 25th. Finally, Hilliard Lyons upgraded 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target for the company in a research note on Wednesday, January 24th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $253.22.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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