DORCHESTER WEALTH MANAGEMENT Co increased its position in shares of 3M Co (NYSE:MMM) by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,433 shares of the conglomerate’s stock after buying an additional 122 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in 3M were worth $298,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in MMM. Cordasco Financial Network raised its position in shares of 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after buying an additional 110 shares during the period. Capital Financial Planning LLC purchased a new stake in 3M in the fourth quarter valued at approximately $34,000. Penserra Capital Management LLC purchased a new stake in 3M in the fourth quarter valued at approximately $35,000. Lake Point Wealth Management purchased a new stake in 3M in the fourth quarter valued at approximately $37,000. Finally, Intercontinental Wealth Advisors LLC purchased a new stake in 3M in the fourth quarter valued at approximately $38,000. 67.11% of the stock is currently owned by hedge funds and other institutional investors.
MMM has been the topic of a number of research analyst reports. reissued a “sell” rating on shares of 3M in a research report on Tuesday, February 12th. Morgan Stanley set a $184.00 target price on 3M and gave the company a “hold” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. cut their target price on 3M from $158.00 to $154.00 and set an “underweight” rating on the stock in a research report on Friday, March 29th. Barclays cut their target price on 3M from $189.00 to $188.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 3rd. Finally, Citigroup set a $221.00 target price on 3M and gave the company a “buy” rating in a research report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $196.83.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.50 by ($0.27). The business had revenue of $7.86 billion during the quarter, compared to analyst estimates of $8.02 billion. 3M had a return on equity of 57.42% and a net margin of 17.43%. The business’s revenue was down 5.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.50 EPS. On average, sell-side analysts anticipate that 3M Co will post 9.45 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be paid a $1.44 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $5.76 annualized dividend and a dividend yield of 3.44%. 3M’s dividend payout ratio (DPR) is 55.07%.
In other 3M news, Director David B. Dillon purchased 1,200 shares of the company’s stock in a transaction on Friday, May 17th. The stock was acquired at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the completion of the purchase, the director now directly owns 1,200 shares in the company, valued at approximately $203,400. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Inge G. Thulin sold 5,863 shares of the business’s stock in a transaction on Friday, March 29th. The stock was sold at an average price of $207.78, for a total transaction of $1,218,214.14. Following the completion of the transaction, the chairman now owns 268,188 shares of the company’s stock, valued at approximately $55,724,102.64. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,200 shares of company stock valued at $559,260. Insiders own 0.83% of the company’s stock.
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3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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