Bernicke Wealth Management Ltd. increased its holdings in 3M Co (NYSE:MMM) by 9.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,800 shares of the conglomerate’s stock after buying an additional 323 shares during the period. Bernicke Wealth Management Ltd.’s holdings in 3M were worth $801,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. Unigestion Holding SA bought a new stake in shares of 3M in the 2nd quarter worth approximately $4,544,000. Cape ANN Savings Bank bought a new stake in 3M during the 2nd quarter valued at $1,545,000. Rothschild Investment Corp IL raised its holdings in 3M by 2.7% during the 2nd quarter. Rothschild Investment Corp IL now owns 12,797 shares of the conglomerate’s stock valued at $2,517,000 after acquiring an additional 340 shares during the period. Janney Montgomery Scott LLC raised its holdings in 3M by 4.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 205,992 shares of the conglomerate’s stock valued at $40,523,000 after acquiring an additional 9,702 shares during the period. Finally, Busey Trust CO raised its holdings in 3M by 5.6% during the 2nd quarter. Busey Trust CO now owns 15,395 shares of the conglomerate’s stock valued at $3,028,000 after acquiring an additional 810 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.
A number of brokerages have issued reports on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Barclays lowered their target price on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a report on Monday, November 19th. Royal Bank of Canada lowered their target price on shares of 3M to $223.00 and set an “outperform” rating on the stock in a report on Wednesday, October 24th. Argus lowered their target price on shares of 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Finally, Deutsche Bank boosted their target price on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a report on Friday, September 28th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $225.16.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm earned $2.33 earnings per share. Sell-side analysts forecast that 3M Co will post 9.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be given a dividend of $1.36 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s dividend payout ratio (DPR) is currently 59.32%.
3M declared that its board has approved a share repurchase plan on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction 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 directly 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 can be accessed through the SEC website. Also, Director Gregory R. Page purchased 1,000 shares of 3M stock in a transaction dated 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 completion of the transaction, the director now directly owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is owned by insiders.
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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