Laurel Wealth Advisors Inc. boosted its holdings in shares of 3M Co (NYSE:MMM) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,583 shares of the conglomerate’s stock after buying an additional 185 shares during the period. 3M makes up about 1.2% of Laurel Wealth Advisors Inc.’s holdings, making the stock its 13th biggest position. Laurel Wealth Advisors Inc.’s holdings in 3M were worth $5,475,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. grew its stake in 3M by 1.2% in the second quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after purchasing an additional 472,084 shares in the last quarter. Geode Capital Management LLC grew its stake in 3M by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares in the last quarter. Bank of New York Mellon Corp grew its stake in 3M by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock valued at $927,238,000 after purchasing an additional 72,266 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 3M by 4.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock valued at $769,633,000 after purchasing an additional 173,877 shares in the last quarter. Finally, Ronna Sue Cohen grew its stake in 3M by 20,703.2% in the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after purchasing an additional 2,672,577 shares in the last quarter. 67.09% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.59 EPS. As a group, analysts forecast that 3M Co will post 9.34 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 16th were issued a $1.44 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.38%. 3M’s payout ratio is presently 55.07%.
Several research firms have recently issued reports on MMM. UBS Group decreased 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. JPMorgan Chase & Co. decreased their target price on 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday, August 6th. Royal Bank of Canada set a $179.00 target price on 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Bank of America decreased their target price on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Finally, Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a research note on Monday, July 29th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $182.54.
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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