Boston Financial Mangement LLC trimmed its holdings in shares of 3M Co (NYSE:MMM) by 1.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,757 shares of the conglomerate’s stock after selling 1,248 shares during the period. 3M accounts for approximately 1.2% of Boston Financial Mangement LLC’s holdings, making the stock its 18th largest holding. Boston Financial Mangement LLC’s holdings in 3M were worth $17,360,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Lenox Wealth Advisors Inc. increased its holdings in 3M by 16,300.0% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after purchasing an additional 489 shares in the last quarter. Horan Capital Management acquired a new stake in 3M during the 4th quarter valued at $123,000. Sawyer & Company Inc acquired a new stake in 3M during the 4th quarter valued at $138,000. Field & Main Bank acquired a new stake in shares of 3M in the 4th quarter valued at $140,000. Finally, Hoertkorn Richard Charles acquired a new stake in shares of 3M in the 3rd quarter valued at $126,000. 66.17% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Hak Cheol Shin sold 8,385 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $247.20, for a total value of $2,072,772.00. Following the transaction, the insider now directly owns 120,105 shares in the company, valued at approximately $29,689,956. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael F. Roman sold 4,146 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $246.65, for a total value of $1,022,610.90. Following the completion of the transaction, the executive vice president now owns 16,208 shares in the company, valued at $3,997,703.20. The disclosure for this sale can be found here. Insiders sold a total of 49,673 shares of company stock worth $12,420,577 over the last 90 days. 0.58% of the stock is owned by corporate insiders.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same period last year, the company earned $1.88 EPS. The firm’s revenue was up 9.0% on a year-over-year basis. research analysts anticipate that 3M Co will post 10.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a $1.36 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently 59.32%.
Several equities research analysts have recently commented on MMM shares. Argus reissued a “buy” rating on shares of 3M in a research note on Friday, December 22nd. Citigroup lifted their target price on 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $221.00 target price (up from $208.00) on shares of 3M in a research note on Thursday, January 18th. Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 target price for the company in a research note on Wednesday, January 24th. Finally, Bank of America lifted their target price on 3M from $227.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. 3M presently has an average rating of “Hold” and an average target price of $254.25.
3M Company Profile
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, , 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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