Woodstock Corp boosted its holdings in 3M (NYSE:MMM) by 1.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 50,825 shares of the conglomerate’s stock after acquiring an additional 623 shares during the period. 3M accounts for about 1.2% of Woodstock Corp’s portfolio, making the stock its 29th largest holding. Woodstock Corp’s holdings in 3M were worth $9,793,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Fulton Bank N.A. lifted its holdings in 3M by 11.1% in the first quarter. Fulton Bank N.A. now owns 13,167 shares of the conglomerate’s stock valued at $2,537,000 after acquiring an additional 1,316 shares during the last quarter. Stillwater Investment Management LLC lifted its holdings in 3M by 1.8% in the first quarter. Stillwater Investment Management LLC now owns 28,606 shares of the conglomerate’s stock valued at $5,512,000 after acquiring an additional 504 shares during the last quarter. Chemung Canal Trust Co. lifted its holdings in 3M by 19.6% in the first quarter. Chemung Canal Trust Co. now owns 65,348 shares of the conglomerate’s stock valued at $12,591,000 after acquiring an additional 10,713 shares during the last quarter. Thomasville National Bank lifted its holdings in 3M by 13.3% in the first quarter. Thomasville National Bank now owns 10,611 shares of the conglomerate’s stock valued at $1,449,000 after acquiring an additional 1,244 shares during the last quarter. Finally, Pensionfund DSM Netherlands lifted its holdings in 3M by 13.8% in the first quarter. Pensionfund DSM Netherlands now owns 24,700 shares of the conglomerate’s stock valued at $4,759,000 after acquiring an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 64.68% of the company’s stock.
MMM has been the topic of a number of research reports. Citigroup upped their price target on 3M from $185.00 to $188.00 in a research note on Wednesday, January 27th. Barclays upped their price target on 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research note on Tuesday. Bank of America cut 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price target on the stock. in a research note on Thursday, January 7th. Morgan Stanley upped their price target on 3M from $176.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 12th. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and set a $205.00 price target on the stock in a research note on Wednesday, January 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $184.33.
Shares of 3M stock traded up $0.88 on Thursday, reaching $195.83. 18,804 shares of the company were exchanged, compared to its average volume of 2,818,080. 3M has a 1-year low of $131.12 and a 1-year high of $196.72. The company has a market cap of $113.47 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 1.85 and a beta of 0.92. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. The stock’s 50 day moving average price is $184.96 and its 200-day moving average price is $174.00.
3M (NYSE:MMM) last announced its quarterly earnings data on Monday, January 25th. The conglomerate reported $2.38 EPS for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.23. 3M had a return on equity of 44.77% and a net margin of 15.65%. The business had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.39 billion. During the same period in the previous year, the company posted $2.15 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, research analysts predict that 3M will post 8.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 12th. Stockholders of record on Friday, February 12th were given a dividend of $1.48 per share. The ex-dividend date was Thursday, February 11th. This is an increase from 3M’s previous quarterly dividend of $1.47. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.02%. 3M’s payout ratio is currently 65.05%.
3M Company Profile
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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