GHP Investment Advisors Inc. raised its stake in 3M Co (NYSE:MMM) by 19.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,003 shares of the conglomerate’s stock after acquiring an additional 829 shares during the quarter. GHP Investment Advisors Inc.’s holdings in 3M were worth $984,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Allianz Life Insurance Co of North America bought a new position in shares of 3M during the first quarter worth approximately $239,000. Quattro Financial Advisors LLC bought a new position in shares of 3M during the first quarter worth approximately $119,000. State Treasurer State of Michigan increased its holdings in shares of 3M by 0.3% during the second quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock worth $34,579,000 after purchasing an additional 500 shares during the period. Connable Office Inc. increased its holdings in shares of 3M by 7.4% during the second quarter. Connable Office Inc. now owns 12,130 shares of the conglomerate’s stock worth $2,386,000 after purchasing an additional 835 shares during the period. Finally, Rockland Trust Co. increased its holdings in shares of 3M by 10.5% during the second quarter. Rockland Trust Co. now owns 10,393 shares of the conglomerate’s stock worth $2,045,000 after purchasing an additional 989 shares during the period. 66.93% of the stock is currently owned by hedge funds and other institutional investors.
In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total value of $1,301,294.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.01. The business had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $2.58 earnings per share. equities analysts predict that 3M Co will post 10.28 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Friday, August 24th were paid a $1.36 dividend. The ex-dividend date was Thursday, August 23rd. This represents a $5.44 dividend on an annualized basis and a yield of 2.58%. 3M’s dividend payout ratio (DPR) is 59.32%.
Several research analysts have recently commented on the stock. ValuEngine cut shares of 3M from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday. Deutsche Bank reaffirmed a “hold” rating and set a $208.00 target price on shares of 3M in a report on Thursday, July 12th. Barclays lowered their target price on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a report on Wednesday, July 25th. Finally, MED cut shares of 3M from a “buy” rating to a “hold” rating and set a $208.00 target price on the stock. in a report on Thursday, July 12th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $234.97.
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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