Wetherby Asset Management Inc. increased its holdings in 3M Co (NYSE:MMM) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,665 shares of the conglomerate’s stock after purchasing an additional 264 shares during the quarter. Wetherby Asset Management Inc.’s holdings in 3M were worth $3,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently bought and sold shares of MMM. Migdal Insurance & Financial Holdings Ltd. boosted its position in 3M by 623.6% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 16,100 shares of the conglomerate’s stock valued at $294,000 after acquiring an additional 13,875 shares in the last quarter. Cedar Capital LLC lifted its holdings in shares of 3M by 25.6% during the third quarter. Cedar Capital LLC now owns 1,803 shares of the conglomerate’s stock valued at $378,000 after purchasing an additional 368 shares during the last quarter. Kingfisher Capital LLC purchased a new position in shares of 3M during the third quarter valued at approximately $213,000. New York State Common Retirement Fund lifted its holdings in shares of 3M by 0.5% during the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock valued at $356,877,000 after purchasing an additional 8,500 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of 3M by 0.9% during the third quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock valued at $236,039,000 after purchasing an additional 9,617 shares during the last quarter. 66.89% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently issued reports on MMM. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 target price for the company in a report on Monday, January 15th. Vetr lowered shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 target price for the company. in a report on Tuesday, February 27th. UBS Group began coverage on shares of 3M in a report on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 target price for the company. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $221.00 target price (up from $208.00) on shares of 3M in a report on Thursday, January 18th. Finally, Deutsche Bank lifted their target price on shares of 3M from $180.00 to $240.00 and gave the company a “hold” rating in a report on Wednesday, January 10th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $254.02.
3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The company had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same period in the previous year, the business earned $1.88 EPS. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. analysts anticipate that 3M Co will post 10.59 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a $1.36 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Thursday, February 15th. 3M’s payout ratio is presently 59.32%.
In other 3M news, VP Ippocratis Vrohidis sold 225 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $249.76, for a total transaction of $419,846.56. Following the sale, the chief financial officer now owns 23,562 shares of the company’s stock, valued at $5,884,845.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,806 shares of company stock valued at $13,162,628. 0.58% of the stock is owned by company insiders.
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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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