Strategic Financial Group LLC lifted its stake in 3M Co (NYSE:MMM) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,650 shares of the conglomerate’s stock after acquiring an additional 147 shares during the period. Strategic Financial Group LLC’s holdings in 3M were worth $459,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Creative Financial Designs Inc. ADV lifted its stake in shares of 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 101 shares during the period. Weaver Consulting Group acquired a new stake in shares of 3M in the 1st quarter worth approximately $32,000. Cordasco Financial Network lifted its stake in shares of 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after acquiring an additional 110 shares during the period. Capital Financial Planning LLC acquired a new stake in shares of 3M in the 4th quarter worth approximately $34,000. Finally, Arcus Capital Partners LLC acquired a new stake in shares of 3M in the 2nd quarter worth approximately $35,000. 66.98% of the stock is owned by institutional investors.
In other news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the sale, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. 0.83% of the stock is owned by insiders.
3M (NYSE:MMM) last released its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the firm earned $2.59 EPS. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. Research analysts anticipate that 3M Co will post 9.29 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be issued a $1.44 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.52%. 3M’s payout ratio is currently 55.07%.
A number of analysts have recently weighed in on the stock. Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Credit Suisse Group upped their price target on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Bank of America dropped their target price on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. UBS Group dropped their target price on shares of 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Finally, Gordon Haskett downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 target price on the stock. in a report on Monday, April 29th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and a consensus target price of $182.54.
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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