Kistler Tiffany Companies LLC decreased its position in 3M Co (NYSE:MMM) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,421 shares of the conglomerate’s stock after selling 96 shares during the quarter. Kistler Tiffany Companies LLC’s holdings in 3M were worth $711,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of MMM. Cordasco Financial Network lifted its holdings in shares of 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after purchasing an additional 110 shares during the last quarter. Capital Financial Planning LLC bought a new stake in shares of 3M in the 4th quarter worth approximately $34,000. Penserra Capital Management LLC bought a new stake in shares of 3M in the 4th quarter worth approximately $35,000. Lake Point Wealth Management bought a new stake in shares of 3M in the 4th quarter worth approximately $37,000. Finally, Intercontinental Wealth Advisors LLC bought a new stake in shares of 3M in the 4th quarter worth approximately $38,000. Institutional investors own 67.11% of the company’s stock.
In other 3M news, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were purchased at an average price of $176.26 per share, with a total value of $176,260.00. Following the purchase, the director now directly owns 4,000 shares of the company’s stock, valued at $705,040. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Inge G. Thulin sold 5,863 shares of 3M stock in a transaction on Friday, March 29th. The shares were sold at an average price of $207.78, for a total value of $1,218,214.14. Following the sale, the chairman now directly owns 268,188 shares in the company, valued at approximately $55,724,102.64. The disclosure for this sale can be found here. Insiders have acquired a total of 3,200 shares of company stock worth $559,260 in the last ninety days. 0.83% of the stock is owned by company insiders.
3M (NYSE:MMM) last announced its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.27). The business had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $8.02 billion. 3M had a net margin of 17.43% and a return on equity of 57.42%. The firm’s revenue was down 5.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.50 EPS. On average, research analysts forecast that 3M Co will post 9.45 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M’s payout ratio is currently 55.07%.
Several brokerages recently issued reports on MMM. Wolfe Research set a $174.00 price target on 3M and gave the stock a “sell” rating in a report on Friday, April 26th. Citigroup set a $221.00 price target on 3M and gave the stock a “buy” rating in a report on Friday, April 26th. Deutsche Bank cut their price target on 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a report on Friday, April 26th. JPMorgan Chase & Co. cut their price target on 3M from $158.00 to $154.00 and set an “underweight” rating on the stock in a report on Friday, March 29th. Finally, Morgan Stanley set a $184.00 price target on 3M and gave the stock a “hold” rating in a report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $196.83.
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3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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