D.B. Root & Company LLC decreased its holdings in 3M (NYSE:MMM) by 39.0% in the 1st quarter, HoldingsChannel reports. The firm owned 5,479 shares of the conglomerate’s stock after selling 3,499 shares during the quarter. D.B. Root & Company LLC’s holdings in 3M were worth $1,055,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. Financial Avengers Inc. bought a new position in 3M during the fourth quarter valued at about $26,000. IronBridge Private Wealth LLC acquired a new position in shares of 3M in the 4th quarter valued at $26,000. Better Money Decisions LLC acquired a new position in shares of 3M in the 1st quarter valued at $38,000. Newfound Research LLC acquired a new position in shares of 3M in the 4th quarter valued at $41,000. Finally, Lederer & Associates Investment Counsel CA purchased a new stake in 3M in the 1st quarter worth about $52,000. 64.68% of the stock is owned by institutional investors.
A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of 3M from $188.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Monday, April 19th. Barclays boosted their price objective on shares of 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 13th. Citigroup boosted their price objective on shares of 3M from $185.00 to $188.00 in a research note on Wednesday, January 27th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of 3M from $192.00 to $199.00 and gave the stock a “hold” rating in a research note on Wednesday, April 28th. Finally, Credit Suisse Group reduced their price objective on shares of 3M from $213.00 to $210.00 and set an “outperform” rating for the company in a research note on Tuesday, May 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $193.45.
3M (NYSE:MMM) last issued its quarterly earnings data on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.48. 3M had a net margin of 15.65% and a return on equity of 44.77%. The firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same quarter in the prior year, the firm earned $2.16 EPS. The company’s revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts anticipate that 3M will post 8.56 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 12th. Shareholders of record on Friday, May 21st will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Thursday, May 20th. 3M’s dividend payout ratio is currently 65.05%.
In other news, EVP Kristen M. Ludgate sold 933 shares of the firm’s stock in a transaction dated Wednesday, April 21st. The shares were sold at an average price of $200.00, for a total value of $186,600.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Ivan K. Fong sold 12,059 shares of the firm’s stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the completion of the transaction, the vice president now directly owns 47,872 shares in the company, valued at approximately $9,500,677.12. The disclosure for this sale can be found here. Insiders sold a total of 13,075 shares of company stock worth $2,595,271 in the last ninety days. Insiders own 0.42% of the company’s stock.
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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