Wealthfront Inc. lifted its stake in shares of 3M Co (NYSE:MMM) by 7.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,571 shares of the conglomerate’s stock after purchasing an additional 1,775 shares during the quarter. Wealthfront Inc.’s holdings in 3M were worth $6,019,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Alpha Windward LLC raised its holdings in 3M by 16.5% during the 4th quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock worth $339,000 after buying an additional 204 shares during the period. Canal Capital Management LLC raised its holdings in 3M by 3.2% during the 4th quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after buying an additional 221 shares during the period. ARGI Investment Services LLC raised its holdings in 3M by 6.8% during the 3rd quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock worth $736,000 after buying an additional 227 shares during the period. Weatherstone Capital Management raised its holdings in 3M by 10.3% during the 4th quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock worth $573,000 after buying an additional 227 shares during the period. Finally, Cadence Bank NA raised its holdings in 3M by 1.6% during the 4th quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock worth $3,617,000 after buying an additional 237 shares during the period. Institutional investors and hedge funds own 66.89% of the company’s stock.
In related news, EVP Frank R. Jr. Little sold 3,133 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total value of $742,051.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.76, for a total value of $419,846.56. Following the completion of 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. Corporate insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The business had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.88 EPS. research analysts expect that 3M Co will post 10.59 earnings per share for the current year.
The business also recently announced 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 annualized dividend and a yield of 2.25%. The ex-dividend date is Thursday, February 15th. 3M’s payout ratio is 59.32%.
Several analysts have issued reports on the company. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $271.00 price objective on the stock in a report on Monday, January 15th. Vetr downgraded 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective on the stock. in a report on Tuesday, February 27th. UBS Group began coverage on 3M in a research note on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 target price on the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $221.00 target price (up previously from $208.00) on shares of 3M in a research note on Thursday, January 18th. Finally, Deutsche Bank lifted their target price on 3M from $180.00 to $240.00 and gave the company a “hold” rating in a research note on Wednesday, January 10th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $254.02.
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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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