Gould Asset Management LLC CA lowered its holdings in 3M Co (NYSE:MMM) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,609 shares of the conglomerate’s stock after selling 509 shares during the period. 3M comprises about 2.1% of Gould Asset Management LLC CA’s portfolio, making the stock its 7th largest holding. Gould Asset Management LLC CA’s holdings in 3M were worth $4,851,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in MMM. Lenox Wealth Advisors Inc. grew its position in 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after purchasing an additional 489 shares in the last quarter. Horan Capital Management acquired a new stake in 3M in the fourth quarter valued at $123,000. Sawyer & Company Inc acquired a new stake in 3M in the fourth quarter valued at $138,000. Field & Main Bank acquired a new stake in 3M in the fourth quarter valued at $140,000. Finally, Mascoma Wealth Management LLC lifted its stake in 3M by 87.5% in the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after acquiring an additional 350 shares during 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 firm’s stock in a transaction dated Friday, February 23rd. The shares were 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 is accessible through this link. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was 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 approximately $5,884,845.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,806 shares of company stock valued at $13,162,628. 0.58% of the stock is currently owned by corporate insiders.
3M (NYSE:MMM) last posted its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. 3M’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.88 EPS. research analysts forecast that 3M Co will post 10.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is currently 68.69%.
A number of analysts have commented on the stock. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price target for the company in a research note on Monday, January 15th. Vetr cut shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price target for the company. in a research note on Tuesday, February 27th. UBS Group assumed coverage on shares of 3M in a research note on Tuesday, January 23rd. They issued a “neutral” rating and a $262.00 price target for the company. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $221.00 price target (up previously from $208.00) on shares of 3M in a research note on Thursday, January 18th. Finally, Deutsche Bank increased their price target on shares of 3M from $180.00 to $240.00 and gave the company a “hold” rating in a research note on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $254.02.
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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.
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