Cim Investment Mangement Inc. decreased its stake in shares of 3M Co (NYSE:MMM) by 3.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,754 shares of the conglomerate’s stock after selling 181 shares during the quarter. Cim Investment Mangement Inc.’s holdings in 3M were worth $785,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of MMM. Norges Bank acquired a new position in shares of 3M during the 4th quarter worth approximately $877,754,000. Advisor Group Holdings Inc. bought a new position in shares of 3M during the 1st quarter worth approximately $36,671,000. Flossbach Von Storch AG boosted its stake in shares of 3M by 33.4% during the 1st quarter. Flossbach Von Storch AG now owns 7,767,020 shares of the conglomerate’s stock worth $1,060,276,000 after acquiring an additional 1,944,377 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of 3M by 3,725.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,450,861 shares of the conglomerate’s stock worth $255,131,000 after acquiring an additional 1,412,934 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of 3M by 58.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,663,207 shares of the conglomerate’s stock worth $469,843,000 after acquiring an additional 977,188 shares during the period. 65.83% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Ty R. Silberhorn sold 14,623 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the sale, the senior vice president now owns 16,571 shares in the company, valued at approximately $2,426,988.66. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael G. Vale sold 14,062 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $148.34, for a total value of $2,085,957.08. Following the sale, the executive vice president now owns 46,900 shares in the company, valued at approximately $6,957,146. The disclosure for this sale can be found here. Insiders sold a total of 40,184 shares of company stock worth $5,930,874 in the last quarter. Corporate insiders own 0.42% of the company’s stock.
3M (NYSE:MMM) last issued its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.13. 3M had a return on equity of 50.24% and a net margin of 15.37%. The business had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the prior year, the firm earned $2.23 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that 3M Co will post 7.91 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were given a $1.47 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.73%. 3M’s dividend payout ratio (DPR) is presently 64.62%.
MMM has been the subject of several research analyst reports. Deutsche Bank lifted their target price on 3M from $158.00 to $163.00 and gave the stock a “hold” rating in a research note on Wednesday, April 29th. Royal Bank of Canada boosted their price target on 3M from $143.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Goldman Sachs Group reduced their price target on 3M from $172.00 to $159.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Citigroup boosted their price target on 3M from $146.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Finally, Langenberg & Company upgraded 3M to a “buy” rating and set a $180.00 price target for the company in a research note on Thursday, April 9th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $161.85.
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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