Canandaigua National Bank & Trust Co. lessened its holdings in shares of 3M Company (NYSE:MMM) by 1.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,274 shares of the conglomerate’s stock after selling 258 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in 3M were worth $4,221,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Proficio Capital Partners LLC grew its holdings in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after acquiring an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. grew its holdings in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares during the period. Ironwood Investment Management LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $203,000. Princeton Capital Management Inc. purchased a new position in shares of 3M during the 2nd quarter worth approximately $203,000. Finally, CrestPoint Capital Management LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $208,000. Institutional investors own 66.20% of the company’s stock.
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Shares of 3M Company (NYSE:MMM) opened at 210.51 on Thursday. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.65. The company has a market capitalization of $125.63 billion, a PE ratio of 24.01 and a beta of 1.08. The stock has a 50 day moving average price of $206.16 and a 200-day moving average price of $201.42.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.08 earnings per share. Analysts forecast that 3M Company will post $8.94 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were issued a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s payout ratio is 53.59%.
In related news, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is currently owned by corporate insiders.
A number of research analysts have weighed in on MMM shares. BidaskClub downgraded 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a report on Monday, June 19th. Bank of America Corporation reiterated a “buy” rating and set a $225.00 target price (up previously from $208.00) on shares of 3M in a report on Tuesday, June 6th. Citigroup Inc. reiterated a “buy” rating and set a $229.00 target price (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $234.00 target price on shares of 3M in a report on Thursday, June 1st. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $207.35.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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