Intercontinental Wealth Advisors LLC decreased its holdings in 3M (NYSE:MMM – Get Rating) by 69.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,460 shares of the conglomerate’s stock after selling 3,291 shares during the quarter. Intercontinental Wealth Advisors LLC’s holdings in 3M were worth $217,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of MMM. Qube Research & Technologies Ltd raised its position in 3M by 254.0% in the 4th quarter. Qube Research & Technologies Ltd now owns 306,700 shares of the conglomerate’s stock valued at $54,479,000 after purchasing an additional 220,070 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in shares of 3M by 7.7% in the 4th quarter. Pinnacle Associates Ltd. now owns 55,917 shares of the conglomerate’s stock valued at $9,933,000 after buying an additional 4,015 shares during the period. Valmark Advisers Inc. increased its stake in shares of 3M by 10.3% in the 4th quarter. Valmark Advisers Inc. now owns 5,352 shares of the conglomerate’s stock valued at $951,000 after buying an additional 501 shares during the period. Oppenheimer & Co. Inc. increased its stake in shares of 3M by 12.7% in the 4th quarter. Oppenheimer & Co. Inc. now owns 47,404 shares of the conglomerate’s stock valued at $8,421,000 after buying an additional 5,353 shares during the period. Finally, Clarius Group LLC increased its stake in shares of 3M by 3.5% in the 4th quarter. Clarius Group LLC now owns 5,321 shares of the conglomerate’s stock valued at $945,000 after buying an additional 179 shares during the period. Institutional investors own 67.22% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the company. Morgan Stanley lifted their target price on 3M from $126.00 to $131.00 and gave the company an “underweight” rating in a research note on Wednesday, July 27th. Citigroup lifted their target price on 3M from $136.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. UBS Group initiated coverage on 3M in a research note on Tuesday, July 26th. They issued a “reduce” rating for the company. Argus cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, April 28th. Finally, Jefferies Financial Group decreased their price objective on 3M from $161.00 to $145.00 in a research note on Thursday, June 16th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $152.00.
3M Stock Performance
3M (NYSE:MMM – Get Rating) last posted its earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.01. The firm had revenue of $8.70 billion for the quarter, compared to analyst estimates of $8.70 billion. 3M had a return on equity of 39.11% and a net margin of 11.83%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.59 earnings per share. As a group, research analysts forecast that 3M will post 10.4 earnings per share for the current year.
3M Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Stockholders of record on Friday, May 20th were issued a $1.49 dividend. The ex-dividend date was Thursday, May 19th. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.04%. 3M’s dividend payout ratio (DPR) is 83.24%.
In other news, insider Michael G. Vale sold 36,771 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now directly owns 65,321 shares in the company, valued at $9,357,886.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Zoe L. Dickson sold 2,265 shares of the company’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $144.40, for a total transaction of $327,066.00. Following the sale, the executive vice president now owns 893 shares in the company, valued at $128,949.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael G. Vale sold 36,771 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now owns 65,321 shares in the company, valued at approximately $9,357,886.46. The disclosure for this sale can be found here. Insiders have sold a total of 41,465 shares of company stock worth $5,956,664 over the last three months. Corporate insiders own 0.34% of the company’s stock.
3M Company Profile
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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