Moller Financial Services lessened its stake in 3M Co (NYSE:MMM) by 59.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,801 shares of the conglomerate’s stock after selling 2,679 shares during the quarter. Moller Financial Services’ holdings in 3M were worth $374,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Cohen Klingenstein LLC raised its stake in 3M by 280.4% during the first quarter. Cohen Klingenstein LLC now owns 58,200 shares of the conglomerate’s stock valued at $12,093,000 after purchasing an additional 42,900 shares in the last quarter. BTIM Corp. raised its stake in 3M by 3.7% during the first quarter. BTIM Corp. now owns 478,563 shares of the conglomerate’s stock valued at $99,436,000 after purchasing an additional 17,080 shares in the last quarter. Jentner Corp purchased a new stake in 3M during the first quarter valued at $254,000. Fruth Investment Management raised its stake in 3M by 0.8% during the first quarter. Fruth Investment Management now owns 9,085 shares of the conglomerate’s stock valued at $1,887,000 after purchasing an additional 75 shares in the last quarter. Finally, American Research & Management Co. raised its stake in 3M by 136.1% during the first quarter. American Research & Management Co. now owns 1,735 shares of the conglomerate’s stock valued at $360,000 after purchasing an additional 1,000 shares in the last quarter. 67.11% of the stock is currently owned by hedge funds and other institutional investors.
MMM stock opened at $167.30 on Wednesday. The company has a current ratio of 2.02, a quick ratio of 1.38 and a debt-to-equity ratio of 1.60. 3M Co has a twelve month low of $165.61 and a twelve month high of $219.75. The firm has a market cap of $95.83 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 1.76 and a beta of 0.99.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be issued a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Thursday, May 23rd. 3M’s payout ratio is presently 55.07%.
MMM has been the topic of a number of analyst reports. Citigroup set a $221.00 price objective on shares of 3M and gave the company a “buy” rating in a research report on Friday, April 26th. Morgan Stanley cut their price objective on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a research report on Friday, March 22nd. Deutsche Bank cut their price objective on shares of 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Argus cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $196.83.
In related news, Director David B. Dillon purchased 1,200 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were purchased at an average cost of $169.50 per share, for a total transaction of $203,400.00. Following the completion of the acquisition, the director now owns 1,200 shares in the company, valued at approximately $203,400. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the completion of the transaction, the insider now owns 28,092 shares in the company, valued at $4,766,650.56. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 3,200 shares of company stock worth $559,260. Company insiders own 0.83% of the company’s stock.
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3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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