Manitou Investment Management Ltd. Has $3.46 Million Holdings in 3M Company (MMM)

Manitou Investment Management Ltd. reduced its position in shares of 3M Company (NYSE:MMM) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,470 shares of the conglomerate’s stock after selling 260 shares during the period. 3M makes up 1.0% of Manitou Investment Management Ltd.’s portfolio, making the stock its 19th biggest holding. Manitou Investment Management Ltd.’s holdings in 3M were worth $3,457,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Pineno Levin & Ford Asset Management Inc. grew its position in shares of 3M by 5.8% during the 1st quarter. Pineno Levin & Ford Asset Management Inc. now owns 1,363 shares of the conglomerate’s stock valued at $261,000 after purchasing an additional 75 shares in the last quarter. Nottingham Advisors Inc. grew its position in 3M by 24.2% in the first quarter. Nottingham Advisors Inc. now owns 1,942 shares of the conglomerate’s stock worth $372,000 after acquiring an additional 378 shares in the last quarter. Dumont & Blake Investment Advisors LLC grew its position in 3M by 0.4% in the first quarter. Dumont & Blake Investment Advisors LLC now owns 8,421 shares of the conglomerate’s stock worth $1,611,000 after acquiring an additional 30 shares in the last quarter. LS Investment Advisors LLC grew its position in 3M by 7.0% in the first quarter. LS Investment Advisors LLC now owns 56,419 shares of the conglomerate’s stock worth $10,795,000 after acquiring an additional 3,675 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in 3M by 1.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 147,628 shares of the conglomerate’s stock worth $28,246,000 after acquiring an additional 1,775 shares in the last quarter. Hedge funds and other institutional investors own 66.32% of the company’s stock.

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In other 3M news, Chairman Inge G. Thulin sold 6,823 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.14, for a total value 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ippocratis Vrohidis sold 1,725 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $230.34, for a total transaction of $397,336.50. Following the completion of the sale, the chief accounting officer now owns 898 shares in the company, valued at approximately $206,845.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,804 shares of company stock valued at $5,303,706. Insiders own 0.58% of the company’s stock.

MMM has been the subject of several research reports. Citigroup Inc. reiterated a “buy” rating and issued a $250.00 target price (up from $228.00) on shares of 3M in a research report on Monday, October 9th. Bank of America Corporation restated a “buy” rating and set a $227.00 price target on shares of 3M in a research report on Thursday, September 14th. Jefferies Group LLC restated a “buy” rating and set a $234.00 price target on shares of 3M in a research report on Wednesday, August 16th. Argus upped their price target on shares of 3M from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $248.00 price target for the company in a research report on Wednesday, October 25th. 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 company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $231.16.

Shares of 3M Company (NYSE MMM) traded down $2.51 during trading hours on Friday, hitting $231.58. 1,371,800 shares of the stock traded hands, compared to its average volume of 1,833,039. The company has a market capitalization of $137,930.94, a P/E ratio of 25.88, a price-to-earnings-growth ratio of 2.51 and a beta of 1.08. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. 3M Company has a 52-week low of $171.09 and a 52-week high of $238.90.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating the consensus estimate of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 earnings per share. equities research analysts expect that 3M Company will post 9.08 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 24th will be paid a dividend of $0.0118 per share. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. The ex-dividend date of this dividend is Wednesday, November 22nd. 3M’s dividend payout ratio (DPR) is 52.51%.

3M Company Profile

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.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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