Zeke Capital Advisors LLC lifted its stake in shares of 3M (NYSE:MMM) by 17.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,750 shares of the conglomerate’s stock after purchasing an additional 3,668 shares during the quarter. 3M accounts for 0.6% of Zeke Capital Advisors LLC’s holdings, making the stock its 24th biggest holding. Zeke Capital Advisors LLC’s holdings in 3M were worth $5,825,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alpha Windward LLC grew its holdings in shares of 3M by 16.5% during the 4th quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock worth $339,000 after purchasing an additional 204 shares in the last quarter. Canal Capital Management LLC grew its holdings in shares of 3M by 3.2% during the 4th quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after purchasing an additional 221 shares in the last quarter. ARGI Investment Services LLC grew its holdings in shares of 3M by 6.8% during the 3rd quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock worth $736,000 after purchasing an additional 227 shares in the last quarter. Weatherstone Capital Management grew its holdings in shares of 3M by 10.3% during the 4th quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock worth $573,000 after purchasing an additional 227 shares in the last quarter. Finally, Cadence Bank NA grew its holdings in shares of 3M by 1.6% during the 4th quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock worth $3,617,000 after purchasing an additional 237 shares in the last quarter. 66.88% of the stock is currently owned by institutional investors.
In other 3M news, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the completion of the transaction, the chairman now directly owns 253,873 shares in the company, valued at $63,757,665.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Frank R. Jr. Little sold 3,133 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $236.85, for a total value of $742,051.05. The disclosure for this sale can be found here. Insiders sold 52,806 shares of company stock valued at $13,162,628 over the last quarter. Corporate insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last posted its earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the company earned $1.88 earnings per share. research analysts anticipate that 3M will post 10.58 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were given a $1.36 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a yield of 2.48%. 3M’s dividend payout ratio (DPR) is currently 59.32%.
Several analysts have recently issued reports on the company. Vetr raised 3M from a “buy” rating to a “strong-buy” rating and set a $256.47 target price on the stock in a report on Friday, March 23rd. Citigroup set a $284.00 price objective on 3M and gave the company a “buy” rating in a research note on Saturday, March 24th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research note on Wednesday. ValuEngine lowered 3M from a “buy” rating to a “hold” rating in a research note on Friday, March 23rd. Finally, Barclays reduced their price objective on 3M from $235.00 to $230.00 and set an “underweight” rating on the stock in a research note on Monday, March 26th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $254.40.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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