Duff & Phelps Investment Management Co. raised its stake in shares of 3M Co (NYSE:MMM) by 2.5% in the 2nd quarter, Holdings Channel reports. The firm owned 6,265 shares of the conglomerate’s stock after acquiring an additional 150 shares during the period. Duff & Phelps Investment Management Co.’s holdings in 3M were worth $1,086,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in shares of 3M by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,801,633 shares of the conglomerate’s stock worth $343,284,000 after acquiring an additional 37,553 shares during the period. Geode Capital Management LLC boosted its stake in shares of 3M by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after acquiring an additional 353,754 shares during the period. Arete Wealth Advisors LLC boosted its stake in shares of 3M by 0.6% during the 4th quarter. Arete Wealth Advisors LLC now owns 21,057 shares of the conglomerate’s stock worth $4,012,000 after acquiring an additional 119 shares during the period. Northern Oak Wealth Management Inc. boosted its stake in shares of 3M by 351.7% during the 4th quarter. Northern Oak Wealth Management Inc. now owns 32,384 shares of the conglomerate’s stock worth $6,170,000 after acquiring an additional 25,214 shares during the period. Finally, Suntrust Banks Inc. boosted its stake in shares of 3M by 1.5% during the 4th quarter. Suntrust Banks Inc. now owns 387,346 shares of the conglomerate’s stock worth $73,805,000 after acquiring an additional 5,833 shares during the period. 67.55% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on MMM. Royal Bank of Canada set a $179.00 target price on 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Barclays reiterated a “sell” rating and set a $162.00 target price on shares of 3M in a research note on Thursday, June 6th. Credit Suisse Group lifted their price target on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. UBS Group dropped their price target on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Finally, Bank of America dropped their price target on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $182.54.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period last year, the firm posted $2.59 EPS. On average, analysts predict that 3M Co will post 9.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be issued a dividend of $1.44 per share. The ex-dividend date is Thursday, August 15th. This represents a $5.76 annualized dividend and a yield of 3.57%. 3M’s payout ratio is currently 55.07%.
In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.83% of the company’s stock.
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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