Cowen Prime Services LLC lessened its holdings in 3M Company (NYSE:MMM) by 5.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,665 shares of the conglomerate’s stock after selling 400 shares during the period. Cowen Prime Services LLC’s holdings in 3M were worth $1,399,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of MMM. Karp Capital Management Corp raised its holdings in shares of 3M by 16,353.8% in the 1st quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after acquiring an additional 493,230 shares during the last quarter. Swiss National Bank grew its position in 3M by 26.6% in the 1st quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after purchasing an additional 447,900 shares in the last quarter. Capital Research Global Investors bought a new stake in 3M in the 2nd quarter worth about $89,237,000. State of Tennessee Treasury Department grew its position in 3M by 92.6% in the 1st quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after purchasing an additional 220,741 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its position in 3M by 22.3% in the 1st quarter. Pictet Asset Management Ltd. now owns 1,034,181 shares of the conglomerate’s stock worth $197,870,000 after purchasing an additional 188,794 shares in the last quarter. Institutional investors own 66.32% of the company’s stock.
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In other news, insider Frank R. Jr. Little sold 1,500 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Inge G. Thulin sold 6,823 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the sale, the chairman now owns 196,906 shares in the company, valued at $45,906,664.84. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock valued at $5,303,706 over the last three months. Insiders own 0.58% of the company’s stock.
3M Company (MMM) traded down $2.51 during trading on Thursday, hitting $231.58. 1,371,800 shares of the stock were exchanged, compared to its average volume of 1,833,039. 3M Company has a 1 year low of $171.09 and a 1 year high of $238.90. The company has a market cap of $139,425.91, a P/E ratio of 26.16, a P/E/G ratio of 2.54 and a beta of 1.08. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the prior year, the firm earned $2.15 EPS. The company’s revenue was up 6.0% compared to the same quarter last year. research analysts expect that 3M Company will post 9.08 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 24th will be given a dividend of $0.0118 per share. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.02%. The ex-dividend date of this dividend is Wednesday, November 22nd. 3M’s dividend payout ratio is currently 52.51%.
A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $209.00 price objective (down from $210.00) on shares of 3M in a research report on Wednesday, July 26th. William Blair reaffirmed an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $234.00 price objective on shares of 3M in a research report on Wednesday, August 16th. Morgan Stanley reaffirmed an “underweight” rating and issued a $190.00 price objective (down from $191.00) on shares of 3M in a research report on Wednesday, July 26th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $210.00 price objective on shares of 3M in a research report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $231.16.
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, , 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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