Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of 3M Co (NYSE:MMM) by 23.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,150 shares of the conglomerate’s stock after purchasing an additional 40,999 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in 3M were worth $45,327,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in MMM. Creative Financial Designs Inc. ADV increased its holdings in 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 101 shares during the last quarter. Cordasco Financial Network increased its holdings in 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after acquiring an additional 110 shares during the last quarter. Capital Financial Planning LLC purchased a new position in shares of 3M in the 4th quarter worth $34,000. Penserra Capital Management LLC purchased a new position in shares of 3M in the 4th quarter worth $35,000. Finally, Lake Point Wealth Management purchased a new position in shares of 3M in the 4th quarter worth $37,000. Hedge funds and other institutional investors own 66.72% of the company’s stock.
In related news, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the completion of the transaction, the insider now directly owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David B. Dillon purchased 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were purchased at an average cost of $169.50 per share, with a total value of $203,400.00. Following the completion of the purchase, the director now owns 1,200 shares in the company, valued at approximately $203,400. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 3,200 shares of company stock valued at $559,260. 0.83% of the stock is owned by corporate insiders.
MMM stock opened at $169.01 on Thursday. 3M Co has a 12 month low of $159.32 and a 12 month high of $219.75. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38. The stock has a market cap of $98.01 billion, a P/E ratio of 16.16, a PEG ratio of 1.76 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). 3M had a return on equity of 57.42% and a net margin of 17.43%. The firm had revenue of $7.86 billion for the quarter, compared to analysts’ expectations of $8.02 billion. During the same period in the prior year, the firm posted $2.50 earnings per share. 3M’s revenue for the quarter was down 5.0% on a year-over-year basis. As a group, research analysts expect that 3M Co will post 9.32 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a dividend of $1.44 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.41%. 3M’s dividend payout ratio is presently 55.07%.
MMM has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research note on Friday, May 17th. Argus cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Morgan Stanley dropped their price objective on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a research note on Friday, March 22nd. Finally, Bank of America cut shares of 3M from a “buy” rating to a “neutral” rating in a research note on Friday, April 26th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $191.67.
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3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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