Homrich & Berg boosted its stake in shares of 3M Co (NYSE:MMM) by 5.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,559 shares of the conglomerate’s stock after purchasing an additional 773 shares during the quarter. Homrich & Berg’s holdings in 3M were worth $3,068,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in MMM. Clearstead Advisors LLC raised its stake in shares of 3M by 4.0% in the 3rd quarter. Clearstead Advisors LLC now owns 21,144 shares of the conglomerate’s stock valued at $4,455,000 after buying an additional 804 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of 3M by 3.1% in the 3rd quarter. Brown Advisory Inc. now owns 254,955 shares of the conglomerate’s stock valued at $53,722,000 after buying an additional 7,669 shares in the last quarter. NorthRock Partners LLC raised its stake in shares of 3M by 35.7% in the 3rd quarter. NorthRock Partners LLC now owns 4,107 shares of the conglomerate’s stock valued at $865,000 after buying an additional 1,081 shares in the last quarter. Aviva PLC raised its stake in shares of 3M by 24.2% in the 3rd quarter. Aviva PLC now owns 411,971 shares of the conglomerate’s stock valued at $86,806,000 after buying an additional 80,219 shares in the last quarter. Finally, Putnam FL Investment Management Co. raised its stake in shares of 3M by 88.0% in the 3rd quarter. Putnam FL Investment Management Co. now owns 8,440 shares of the conglomerate’s stock valued at $1,778,000 after buying an additional 3,951 shares in the last quarter. Hedge funds and other institutional investors own 67.00% of the company’s stock.
In related news, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction on Friday, October 26th. The shares were purchased at an average price of $184.50 per share, with a total value of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares in the company, valued at $276,750. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
Shares of 3M stock opened at $198.24 on Friday. The stock has a market cap of $118.02 billion, a P/E ratio of 20.75, a PEG ratio of 2.00 and a beta of 1.18. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. 3M Co has a 12-month low of $181.98 and a 12-month high of $259.77.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the business earned $2.33 EPS. As a group, equities research analysts forecast that 3M Co will post 9.95 EPS for the current fiscal year.
3M announced that its Board of Directors has approved a share repurchase program on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to reacquire 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 shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s dividend payout ratio (DPR) is currently 59.32%.
MMM has been the subject of a number of recent research reports. Credit Suisse Group initiated coverage on shares of 3M in a research note on Friday, October 12th. They issued an “outperform” rating and a $228.00 price objective for the company. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Barclays dropped their price objective on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company 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 for the company in a research note on Wednesday, October 24th. Finally, 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 for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price 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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