FinTrust Capital Advisors LLC reduced its stake in shares of 3M Co (NYSE:MMM) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,467 shares of the conglomerate’s stock after selling 63 shares during the quarter. FinTrust Capital Advisors LLC’s holdings in 3M were worth $254,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA grew its stake in 3M by 2.1% in the first quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock valued at $501,000 after acquiring an additional 50 shares during the period. Shine Investment Advisory Services Inc. lifted its holdings in 3M by 35.2% during the first quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 50 shares during the period. Peoples Financial Services CORP. lifted its holdings in 3M by 0.3% during the first quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock worth $3,330,000 after acquiring an additional 50 shares during the period. Bfsg LLC lifted its holdings in 3M by 0.4% during the first quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock worth $2,926,000 after acquiring an additional 55 shares during the period. Finally, Nwam LLC lifted its holdings in 3M by 1.0% during the first quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock worth $1,216,000 after acquiring an additional 57 shares during the period. 67.55% of the stock is currently owned by institutional investors.
In other news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last released its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the previous year, the company posted $2.59 EPS. 3M’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, equities research analysts forecast that 3M Co will post 9.29 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be paid a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s dividend payout ratio (DPR) is presently 55.07%.
Several equities analysts have recently weighed in on MMM shares. Citigroup reduced their price target on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research report on Monday, June 3rd. Deutsche Bank reduced their target price on 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research report on Friday, April 26th. UBS Group dropped their price target on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Wolfe Research set a $174.00 price target on 3M and gave the stock a “sell” rating in a research note on Friday, April 26th. Finally, Bank of America dropped their price target on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $182.54.
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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