Everett Harris & Co. CA lessened its stake in 3M Co (NYSE:MMM) by 32.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,751 shares of the conglomerate’s stock after selling 15,027 shares during the period. Everett Harris & Co. CA’s holdings in 3M were worth $5,055,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Kempen Capital Management N.V. purchased a new stake in 3M in the 2nd quarter valued at approximately $25,000. 1 North Wealth Services LLC purchased a new stake in 3M in the 3rd quarter valued at approximately $26,000. Atwater Malick LLC purchased a new stake in 3M in the 3rd quarter valued at approximately $30,000. Bridger Capital Management LLC purchased a new stake in 3M in the 3rd quarter valued at approximately $33,000. Finally, Arcus Capital Partners LLC purchased a new stake in 3M in the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 66.55% of the company’s stock.
In related news, EVP Khandpur K. Ashish sold 3,362 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total value of $585,660.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Eric D. Hammes sold 1,341 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by corporate insiders.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.58 EPS. Equities research analysts anticipate that 3M Co will post 9.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 22nd will be paid a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a yield of 3.38%. 3M’s payout ratio is currently 55.07%.
MMM has been the topic of a number of analyst reports. Royal Bank of Canada lowered their price objective on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Credit Suisse Group boosted their price target on 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. Barclays decreased their price target on 3M from $158.00 to $157.00 and set an “underweight” rating on the stock in a research note on Monday, October 28th. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a research note on Monday, October 14th. Finally, Morgan Stanley decreased their price target on 3M from $173.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $174.08.
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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