Puzo Michael J lowered its position in shares of 3M Company (NYSE:MMM) by 5.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,069 shares of the conglomerate’s stock after selling 2,174 shares during the quarter. 3M makes up about 4.4% of Puzo Michael J’s holdings, making the stock its 2nd largest holding. Puzo Michael J’s holdings in 3M were worth $7,859,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in MMM. Loeb Partners Corp increased its stake in 3M by 138.9% during the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock worth $1,646,000 after acquiring an additional 5,000 shares during the last quarter. TRUE Private Wealth Advisors increased its stake in 3M by 16.6% during the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock worth $489,000 after acquiring an additional 367 shares during the last quarter. Personal Capital Advisors Corp increased its stake in 3M by 10.4% during the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock worth $29,982,000 after acquiring an additional 14,830 shares during the last quarter. Smithfield Trust Co. increased its stake in 3M by 0.7% during the first quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock worth $3,322,000 after acquiring an additional 122 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in 3M by 0.3% during the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after acquiring an additional 8,239 shares during the last quarter. 66.31% of the stock is owned by institutional investors and hedge funds.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, 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 have sold 9,112 shares of company stock worth $1,878,890 in the last ninety days. Corporate insiders own 0.58% of the company’s stock.
Several equities research analysts have issued reports on the company. Jefferies Group LLC reissued a “buy” rating and set a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, June 15th. Stifel Nicolaus reissued a “hold” rating and set a $210.00 target price on shares of 3M in a research note on Friday, July 28th. Royal Bank Of Canada reissued a “sector perform” rating and set a $209.00 target price (down previously from $210.00) on shares of 3M in a research note on Wednesday, July 26th. Finally, William Blair reissued an “outperform” rating on shares of 3M in a research note on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $206.68.
3M Company (NYSE:MMM) traded up 0.18% during mid-day trading on Tuesday, hitting $209.94. The stock had a trading volume of 613,573 shares. 3M Company has a one year low of $163.85 and a one year high of $214.57. The stock has a market cap of $125.29 billion, a P/E ratio of 23.95 and a beta of 1.08. The company has a 50 day moving average price of $204.24 and a 200 day moving average price of $200.33.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the 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 company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the business posted $2.08 EPS. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts anticipate that 3M Company will post $8.94 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a dividend of $1.175 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.24%. 3M’s payout ratio is 53.59%.
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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