Neville Rodie & Shaw Inc. raised its stake in shares of 3M Company (NYSE:MMM - Free Report) by 15.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 23,860 shares of the conglomerate's stock after purchasing an additional 3,268 shares during the period. Neville Rodie & Shaw Inc.'s holdings in 3M were worth $3,632,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. TCV Trust & Wealth Management Inc. boosted its position in 3M by 1.1% during the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after acquiring an additional 73 shares in the last quarter. Cahaba Wealth Management Inc. boosted its position in shares of 3M by 1.4% in the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after purchasing an additional 75 shares in the last quarter. Altman Advisors Inc. raised its holdings in 3M by 0.5% in the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after acquiring an additional 76 shares during the last quarter. NBT Bank N A NY raised its holdings in 3M by 0.8% in the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after acquiring an additional 79 shares during the last quarter. Finally, Warwick Investment Management Inc. raised its holdings in 3M by 2.3% in the 1st quarter. Warwick Investment Management Inc. now owns 3,573 shares of the conglomerate's stock worth $525,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.
Insider Activity at 3M
In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.
3M Stock Performance
Shares of NYSE MMM traded up $0.51 during midday trading on Thursday, reaching $155.67. The company had a trading volume of 782,475 shares, compared to its average volume of 3,707,685. The stock has a market cap of $82.91 billion, a P/E ratio of 21.66, a P/E/G ratio of 2.84 and a beta of 1.04. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The business's 50-day simple moving average is $154.18 and its 200 day simple moving average is $148.07. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.
3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share 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 firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same period in the previous year, the business posted $1.93 earnings per share. 3M's quarterly revenue was up 1.4% on a year-over-year basis. On average, analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.
3M Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, August 25th. 3M's dividend payout ratio is presently 40.61%.
Analysts Set New Price Targets
A number of brokerages recently weighed in on MMM. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday, September 13th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Finally, Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $161.78.
Get Our Latest Research Report on MMM
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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