Citizens Financial Group Inc RI lowered its holdings in 3M Co (NYSE:MMM) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,381 shares of the conglomerate’s stock after selling 401 shares during the quarter. Citizens Financial Group Inc RI’s holdings in 3M were worth $5,503,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Alpha Windward LLC grew its stake in shares of 3M by 16.5% in the fourth quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock valued at $339,000 after buying an additional 204 shares in the last quarter. Canal Capital Management LLC grew its stake in shares of 3M by 3.2% in the fourth quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock valued at $1,671,000 after buying an additional 221 shares in the last quarter. ARGI Investment Services LLC grew its stake 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 purchasing an additional 227 shares in the last quarter. Weatherstone Capital Management grew its stake 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 purchasing an additional 227 shares in the last quarter. Finally, Cadence Bank NA grew its stake 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 purchasing an additional 237 shares in the last quarter. 66.89% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Frank R. Jr. Little sold 3,133 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $236.85, for a total transaction of $742,051.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Ippocratis Vrohidis sold 225 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $249.68, for a total value of $56,178.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,806 shares of company stock valued at $13,162,628. Insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping 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 business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.88 EPS. equities research analysts predict that 3M Co will post 10.59 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.36 per share. This is a boost from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently 68.69%.
Several research analysts recently commented on the company. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Vetr cut 3M from a “buy” rating to a “hold” rating and set a $251.35 target price for the company. in a research note on Tuesday, February 27th. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Deutsche Bank raised 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $240.00 to $275.00 in a research note on Tuesday, February 13th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $254.00 target price on shares of 3M in a research note on Thursday, January 25th. 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. 3M has a consensus rating of “Hold” and a consensus target price 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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