Smith Moore & CO. lowered its holdings in 3M Co (NYSE:MMM) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,247 shares of the conglomerate’s stock after selling 260 shares during the period. Smith Moore & CO.’s holdings in 3M were worth $2,177,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Alpha Windward LLC lifted its holdings in 3M by 16.5% in the fourth quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock worth $339,000 after acquiring an additional 204 shares during the last quarter. Canal Capital Management LLC lifted its holdings in 3M by 3.2% in the fourth quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after acquiring an additional 221 shares during the last quarter. ARGI Investment Services LLC lifted its holdings in 3M by 6.8% in the third quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock worth $736,000 after acquiring an additional 227 shares during the last quarter. Weatherstone Capital Management lifted its holdings in 3M by 10.3% in the fourth quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock worth $573,000 after acquiring an additional 227 shares during the last quarter. Finally, Cadence Bank NA lifted its holdings in 3M by 1.6% in the fourth quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock worth $3,617,000 after acquiring an additional 237 shares during the last quarter. 66.89% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares of the company’s stock, valued at $63,757,665.22. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 52,806 shares of company stock worth $13,162,628. 0.58% of the stock is owned by corporate insiders.
Shares of 3M Co (MMM) opened at $237.57 on Wednesday. 3M Co has a twelve month low of $188.62 and a twelve month high of $259.77. The company has a market capitalization of $142,800.91, a P/E ratio of 26.15, a P/E/G ratio of 2.23 and a beta of 1.10. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04.
3M (NYSE:MMM) last announced its earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The firm had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter in the previous year, the company earned $1.88 earnings per share. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. analysts expect that 3M Co will post 10.59 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.36 per share. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date was Thursday, February 15th. This represents a $5.44 annualized dividend and a yield of 2.29%. 3M’s payout ratio is presently 68.69%.
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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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