John G Ullman & Associates Inc. lowered its stake in shares of 3M Co (NYSE:MMM) by 2.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,881 shares of the conglomerate’s stock after selling 115 shares during the quarter. John G Ullman & Associates Inc.’s holdings in 3M were worth $930,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of MMM. Capital Insight Partners LLC raised its stake in 3M by 0.6% during the fourth quarter. Capital Insight Partners LLC now owns 8,852 shares of the conglomerate’s stock worth $1,687,000 after acquiring an additional 56 shares in the last quarter. Sawyer & Company Inc raised its stake in 3M by 1.6% during the fourth quarter. Sawyer & Company Inc now owns 3,790 shares of the conglomerate’s stock worth $722,000 after acquiring an additional 60 shares in the last quarter. Atlas Brown Inc. raised its stake in 3M by 0.9% during the fourth quarter. Atlas Brown Inc. now owns 6,928 shares of the conglomerate’s stock worth $1,320,000 after acquiring an additional 60 shares in the last quarter. Calamos Wealth Management LLC raised its stake in 3M by 0.5% during the fourth quarter. Calamos Wealth Management LLC now owns 12,645 shares of the conglomerate’s stock worth $2,409,000 after acquiring an additional 62 shares in the last quarter. Finally, SignalPoint Asset Management LLC raised its stake in 3M by 1.9% during the fourth quarter. SignalPoint Asset Management LLC now owns 3,324 shares of the conglomerate’s stock worth $633,000 after acquiring an additional 63 shares in the last quarter. Institutional investors own 70.67% of the company’s stock.
In other 3M news, Chairman Inge G. Thulin sold 13,499 shares of the stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total value of $2,699,800.00. Following the transaction, the chairman now owns 230,458 shares of the company’s stock, valued at $46,091,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul A. Keel sold 9,410 shares of the stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $199.14, for a total value of $1,873,907.40. Following the completion of the transaction, the insider now directly owns 23,009 shares in the company, valued at approximately $4,582,012.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,589 shares of company stock worth $10,103,464. 0.72% of the stock is owned by company insiders.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.03. The business had revenue of $7.95 billion for the quarter, compared to analysts’ expectations of $7.87 billion. 3M had a return on equity of 57.70% and a net margin of 16.33%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business earned $2.10 earnings per share. As a group, equities analysts predict that 3M Co will post 10.67 EPS for the current year.
3M declared that its board has authorized a stock repurchase plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Friday, February 15th will be issued a $1.44 dividend. This is a boost from 3M’s previous quarterly dividend of $1.36. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $5.76 annualized dividend and a yield of 2.87%. 3M’s dividend payout ratio (DPR) is currently 52.01%.
MMM has been the subject of several recent analyst reports. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Barclays decreased their target price on 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a report on Wednesday, October 24th. Citigroup decreased their target price on 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Credit Suisse Group decreased their target price on 3M from $228.00 to $222.00 and set an “outperform” rating on the stock in a report on Wednesday, October 24th. Finally, Royal Bank of Canada restated a “buy” rating and set a $213.00 target price on shares of 3M in a report on Wednesday, December 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $214.57.
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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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