Windsor Capital Management LLC acquired a new position in 3M Company (NYSE:MMM - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,748 shares of the conglomerate's stock, valued at approximately $697,000.
Several other hedge funds and other institutional investors have also bought and sold shares of MMM. Brighton Jones LLC raised its position in shares of 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after buying an additional 1,872 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of 3M in the 4th quarter valued at approximately $202,000. Mystic Asset Management Inc. raised its position in shares of 3M by 90.0% in the 4th quarter. Mystic Asset Management Inc. now owns 8,958 shares of the conglomerate's stock valued at $1,156,000 after buying an additional 4,244 shares in the last quarter. PDS Planning Inc raised its position in shares of 3M by 22.8% in the 4th quarter. PDS Planning Inc now owns 4,848 shares of the conglomerate's stock valued at $626,000 after buying an additional 900 shares in the last quarter. Finally, Kennondale Capital Management LLC acquired a new position in shares of 3M in the 4th quarter valued at approximately $2,751,000. Institutional investors and hedge funds own 65.25% of the company's stock.
Insider Activity
In related news, EVP John Patrick Banovetz sold 7,759 shares of the 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 sale, the executive vice president directly owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.
3M Trading Down 5.0%
NYSE MMM traded down $7.89 during trading on Friday, hitting $151.15. The company had a trading volume of 5,914,026 shares, compared to its average volume of 3,811,857. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. 3M Company has a one year low of $101.77 and a one year high of $165.14. The company has a market cap of $81.35 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 3.07 and a beta of 1.02. The company's fifty day moving average is $149.68 and its 200-day moving average is $145.26.
3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period in the prior year, the business earned $1.93 EPS. The company's revenue for the quarter was up 1.4% on a year-over-year basis. On average, sell-side analysts predict that 3M Company will post 7.8 earnings per share for the current year.
3M Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.93%. 3M's dividend payout ratio (DPR) is 36.87%.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on MMM shares. Barclays set a $170.00 price objective on shares of 3M in a research report on Friday. Royal Bank Of Canada increased their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday, July 12th. Citigroup raised their price objective on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research report on Friday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $156.33.
Get Our Latest Stock Report on 3M
3M Company Profile
(
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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