Buckley Wealth Management LLC boosted its holdings in 3M (NYSE:MMM) by 8.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,320 shares of the conglomerate’s stock after buying an additional 263 shares during the period. Buckley Wealth Management LLC’s holdings in 3M were worth $729,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Motco lifted its stake in shares of 3M by 18.2% in the 1st quarter. Motco now owns 7,506 shares of the conglomerate’s stock valued at $1,648,000 after purchasing an additional 1,158 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in shares of 3M in the 1st quarter valued at about $597,000. Signaturefd LLC lifted its stake in shares of 3M by 23.4% in the 1st quarter. Signaturefd LLC now owns 6,381 shares of the conglomerate’s stock valued at $1,401,000 after purchasing an additional 1,208 shares in the last quarter. Doliver Capital Advisors LP acquired a new position in shares of 3M in the 1st quarter valued at about $487,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of 3M in the 1st quarter valued at about $39,514,000. 66.70% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on MMM. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective on the stock in a research note on Tuesday, January 30th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $254.00 price objective on shares of 3M in a research note on Thursday, January 25th. JPMorgan Chase reaffirmed an “underweight” rating and issued a $221.00 price objective (up from $208.00) on shares of 3M in a research note on Thursday, January 18th. UBS began coverage on 3M in a research note on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 price objective on the stock. Finally, Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective on the stock in a research note on Wednesday, January 24th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. 3M presently has an average rating of “Hold” and a consensus target price of $241.97.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 24th. The conglomerate reported $2.50 EPS for the quarter, hitting the consensus estimate of $2.50. The firm had revenue of $8.28 billion for the quarter, compared to analyst estimates of $8.21 billion. 3M had a return on equity of 50.11% and a net margin of 12.83%. 3M’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.16 EPS. sell-side analysts expect that 3M will post 10.42 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 12th. Investors of record on Friday, May 18th will be given a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Thursday, May 17th. 3M’s dividend payout ratio (DPR) is presently 59.32%.
In related news, EVP Frank R. Jr. Little sold 3,133 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total transaction of $742,051.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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