Federated Hermes Inc. decreased its position in shares of 3M Company (NYSE:MMM - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 113,081 shares of the conglomerate's stock after selling 6,166 shares during the quarter. Federated Hermes Inc.'s holdings in 3M were worth $16,607,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the company. Northern Trust Corp raised its position in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after acquiring an additional 755,155 shares during the last quarter. Capital World Investors raised its position in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Invesco Ltd. raised its position in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after acquiring an additional 1,520,619 shares during the last quarter. Bank of America Corp DE raised its position in shares of 3M by 4.2% during the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock valued at $551,245,000 after acquiring an additional 172,815 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of 3M by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock valued at $467,944,000 after buying an additional 193,957 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.
Insider Activity
In related news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on MMM shares. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a report on Friday, July 18th. Royal Bank Of Canada boosted their price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Finally, Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, 3M currently has an average rating of "Hold" and an average target price of $158.10.
Check Out Our Latest Analysis on MMM
3M Stock Down 3.2%
Shares of 3M stock traded down $4.84 during trading hours on Friday, reaching $144.38. 4,074,208 shares of the company's stock were exchanged, compared to its average volume of 4,251,674. The company has a 50 day moving average of $149.78 and a two-hundred day moving average of $146.76. 3M Company has a fifty-two week low of $119.31 and a fifty-two week high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The stock has a market cap of $76.90 billion, a P/E ratio of 20.08, a P/E/G ratio of 2.79 and a beta of 1.05.
3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the prior year, the business posted $1.93 EPS. The company's quarterly revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.
3M Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.0%. 3M's dividend payout ratio (DPR) is currently 40.61%.
3M Profile
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Free Report)
3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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