Edgestream Partners L.P. boosted its holdings in 3M Company (NYSE:MMM) by 218.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,119 shares of the conglomerate’s stock after acquiring an additional 3,512 shares during the quarter. Edgestream Partners L.P.’s holdings in 3M were worth $979,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. raised its position in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares in the last quarter. One Capital Management LLC purchased a new position in 3M in the first quarter worth $202,000. FDO Partners LLC purchased a new position in 3M in the first quarter worth $203,000. SRS Capital Advisors Inc. raised its position in 3M by 42.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,069 shares of the conglomerate’s stock worth $204,000 after acquiring an additional 318 shares in the last quarter. Finally, Pegasus Partners Ltd. purchased a new position in 3M in the first quarter worth $206,000. Hedge funds and other institutional investors own 66.30% of the company’s stock.
3M Company (MMM) traded up 0.60% during mid-day trading on Friday, reaching $205.69. The company’s stock had a trading volume of 1,473,989 shares. The firm has a 50 day moving average price of $204.44 and a 200-day moving average price of $200.01. The company has a market capitalization of $122.75 billion, a PE ratio of 23.46 and a beta of 1.08. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the firm posted $2.08 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities analysts predict that 3M Company will post $8.94 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be paid a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.
In other news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the sale, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 in the last three months. Company insiders own 0.58% of the company’s stock.
Several research analysts have issued reports on the company. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a research report on Monday, June 19th. Stifel Nicolaus reiterated a “hold” rating and issued a $202.00 price objective on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley reiterated an “underweight” rating and issued a $191.00 price objective (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $234.00 price objective on shares of 3M in a research report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. 3M has an average rating of “Hold” and an average price target of $206.68.
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, electronics, 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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