Cobblestone Capital Advisors LLC NY lessened its stake in shares of 3M Co (NYSE:MMM) by 9.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,546 shares of the conglomerate’s stock after selling 564 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in 3M were worth $1,169,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Smith Chas P & Associates PA Cpas increased its holdings in shares of 3M by 62.3% in the 3rd quarter. Smith Chas P & Associates PA Cpas now owns 69,046 shares of the conglomerate’s stock valued at $14,549,000 after acquiring an additional 26,498 shares during the period. Canada Pension Plan Investment Board increased its stake in 3M by 340.6% in the 3rd quarter. Canada Pension Plan Investment Board now owns 259,360 shares of the conglomerate’s stock valued at $54,650,000 after buying an additional 200,491 shares during the period. Crawford Investment Counsel Inc. increased its stake in 3M by 616.5% in the 3rd quarter. Crawford Investment Counsel Inc. now owns 154,813 shares of the conglomerate’s stock valued at $32,621,000 after buying an additional 133,205 shares during the period. DekaBank Deutsche Girozentrale increased its stake in 3M by 7.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 285,824 shares of the conglomerate’s stock valued at $60,613,000 after buying an additional 18,785 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 3M by 14.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,883 shares of the conglomerate’s stock valued at $33,478,000 after buying an additional 20,244 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.
Shares of MMM opened at $207.92 on Monday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97. The firm has a market capitalization of $121.07 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 2.05 and a beta of 1.18. 3M Co has a 1 year low of $181.98 and a 1 year high of $259.77.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. During the same period last year, the company earned $2.33 earnings per share. The business’s revenue for the quarter was down .2% compared to the same quarter last year. As a group, equities research analysts expect that 3M Co will post 9.95 EPS for the current year.
3M declared that its board has authorized a share buyback program on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to purchase up to 8.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be paid a dividend of $1.36 per share. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.62%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
In related news, Director Gregory R. Page purchased 1,000 shares of the stock in a transaction dated Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, with a total value of $184,500.00. Following the purchase, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
MMM has been the topic of several recent research reports. Argus dropped their price objective on shares of 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Citigroup dropped their price objective on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Gordon Haskett initiated coverage on shares of 3M in a research note on Friday, October 12th. They issued a “buy” rating on the stock. Morgan Stanley initiated coverage on shares of 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price objective on the stock. Finally, Deutsche Bank set a $206.00 price objective on shares of 3M and gave the company a “hold” rating in a research note on Wednesday, October 24th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and an average price target of $225.16.
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3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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