Strategic Financial Concepts LLC purchased a new stake in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 174,149 shares of the conglomerate's stock, valued at approximately $22,481,000. 3M makes up 0.7% of Strategic Financial Concepts LLC's investment portfolio, making the stock its 17th biggest holding.
Other hedge funds and other institutional investors have also made changes to their positions in the company. D.A. Davidson & CO. boosted its holdings in shares of 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate's stock valued at $20,004,000 after acquiring an additional 20,421 shares during the last quarter. Franklin Resources Inc. boosted its holdings in 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock valued at $114,770,000 after purchasing an additional 178,450 shares during the last quarter. Meyer Handelman Co. grew its position in 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after purchasing an additional 2,678 shares during the period. Ballentine Partners LLC raised its stake in shares of 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate's stock valued at $2,490,000 after buying an additional 5,210 shares during the last quarter. Finally, FMR LLC grew its holdings in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.
Insider Buying and Selling at 3M
In other 3M news, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now directly owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. Insiders own 0.38% of the company's stock.
3M Stock Up 0.7 %
3M stock traded up $1.12 during trading hours on Wednesday, hitting $150.11. The company had a trading volume of 3,216,336 shares, compared to its average volume of 3,966,356. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a market capitalization of $81.49 billion, a P/E ratio of 19.88, a price-to-earnings-growth ratio of 3.29 and a beta of 0.96. The firm's fifty day moving average is $139.53 and its 200-day moving average is $134.20.
3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M's quarterly revenue was down 25.0% compared to the same quarter last year. During the same period last year, the company earned $2.42 earnings per share. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current year.
3M Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. 3M's dividend payout ratio (DPR) is presently 38.68%.
Analyst Ratings Changes
A number of analysts have recently commented on the company. Melius upgraded 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Weiss Ratings reiterated a "hold (c)" rating on shares of 3M in a research report on Saturday, February 1st. Bank of America boosted their price target on shares of 3M from $160.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.87.
Get Our Latest Analysis on 3M
3M Company Profile
(
Free Report)
3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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