Axa increased its holdings in shares of 3M Co (NYSE:MMM) by 15.4% during the 1st quarter, HoldingsChannel reports. The fund owned 430,552 shares of the conglomerate’s stock after buying an additional 57,498 shares during the period. Axa’s holdings in 3M were worth $58,775,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of MMM. Tsfg LLC lifted its stake in shares of 3M by 52.7% in the first quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock worth $27,000 after buying an additional 69 shares in the last quarter. CCM Investment Advisers LLC lifted its stake in shares of 3M by 5.2% in the fourth quarter. CCM Investment Advisers LLC now owns 1,414 shares of the conglomerate’s stock worth $249,000 after buying an additional 70 shares in the last quarter. SP Asset Management lifted its stake in shares of 3M by 0.4% in the first quarter. SP Asset Management now owns 18,187 shares of the conglomerate’s stock worth $2,483,000 after buying an additional 71 shares in the last quarter. Day & Ennis LLC lifted its stake in shares of 3M by 4.4% in the first quarter. Day & Ennis LLC now owns 1,746 shares of the conglomerate’s stock worth $238,000 after buying an additional 73 shares in the last quarter. Finally, Ipswich Investment Management Co. Inc. lifted its stake in shares of 3M by 0.3% in the first quarter. Ipswich Investment Management Co. Inc. now owns 22,153 shares of the conglomerate’s stock worth $3,024,000 after buying an additional 74 shares in the last quarter. 65.83% of the stock is currently owned by institutional investors and hedge funds.
Shares of MMM stock opened at $155.99 on Wednesday. 3M Co has a 12 month low of $114.04 and a 12 month high of $187.72. The stock has a market cap of $89.48 billion, a P/E ratio of 18.31, a P/E/G ratio of 2.07 and a beta of 0.99. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94. The company has a 50 day simple moving average of $153.78 and a two-hundred day simple moving average of $156.39.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were issued a dividend of $1.47 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $5.88 dividend on an annualized basis and a yield of 3.77%. 3M’s dividend payout ratio is currently 64.62%.
Several research analysts have recently issued reports on MMM shares. Goldman Sachs Group dropped their target price on shares of 3M from $172.00 to $159.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Credit Suisse Group increased their price objective on shares of 3M from $165.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Langenberg & Company upgraded shares of 3M to a “buy” rating and set a $180.00 price objective on the stock in a research report on Thursday, April 9th. Royal Bank of Canada increased their price objective on shares of 3M from $143.00 to $148.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 29th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $133.00 price objective on the stock in a research report on Thursday, April 30th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. 3M has an average rating of “Hold” and a consensus price target of $161.85.
In other news, EVP Michael G. Vale sold 14,062 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $148.34, for a total value of $2,085,957.08. Following the completion of the sale, the executive vice president now directly owns 46,900 shares of the company’s stock, valued at $6,957,146. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael F. Roman sold 7,894 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the completion of the sale, the chief executive officer now directly owns 57,868 shares of the company’s stock, valued at $8,604,971.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,184 shares of company stock valued at $5,930,874. 0.42% of the stock is owned by corporate insiders.
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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