Segment Wealth Management LLC lifted its holdings in 3M Co (NYSE:MMM) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,709 shares of the conglomerate’s stock after buying an additional 306 shares during the period. 3M makes up 1.1% of Segment Wealth Management LLC’s holdings, making the stock its 24th biggest position. Segment Wealth Management LLC’s holdings in 3M were worth $4,995,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of MMM. SRS Capital Advisors Inc. increased its position in shares of 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after acquiring an additional 595 shares during the last quarter. Price Capital Management Inc. acquired a new stake in shares of 3M during the third quarter valued at about $126,000. Avestar Capital LLC increased its position in shares of 3M by 161.2% during the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after acquiring an additional 432 shares during the last quarter. Psagot Investment House Ltd. acquired a new stake in shares of 3M during the third quarter valued at about $131,000. Finally, Braun Bostich & Associates Inc. increased its position in shares of 3M by 221.7% during the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 481 shares during the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MMM stock opened at $198.69 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $115.69 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 1.96 and a beta of 1.18. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77.
3M declared that its board has approved a stock repurchase program on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s dividend payout ratio (DPR) is currently 59.32%.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory R. Page purchased 1,000 shares of the stock in a transaction on Friday, October 26th. The shares were purchased at an average price of $184.50 per share, with a total value of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. Insiders own 0.58% of the company’s stock.
MMM has been the subject of a number of recent analyst reports. Argus dropped their price target on shares of 3M from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Citigroup dropped their price target on shares of 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Gordon Haskett initiated coverage on shares of 3M in a research report on Friday, October 12th. They set a “buy” rating for the company. Morgan Stanley initiated coverage on shares of 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target for the company. Finally, Deutsche Bank set a $206.00 price target on shares of 3M and gave the company a “hold” rating in a research report on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $225.16.
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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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