Argent Capital Management LLC purchased a new position in shares of 3M Company (NYSE:MMM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,377 shares of the conglomerate’s stock, valued at approximately $287,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. C M Bidwell & Associates Ltd. purchased a new position in shares of 3M during the second quarter worth about $4,441,000. Green Square Capital LLC grew its holdings in shares of 3M by 12.3% during the second quarter. Green Square Capital LLC now owns 3,875 shares of the conglomerate’s stock worth $807,000 after buying an additional 424 shares during the last quarter. Colonial Trust Advisors grew its holdings in shares of 3M by 5.5% during the second quarter. Colonial Trust Advisors now owns 10,446 shares of the conglomerate’s stock worth $2,175,000 after buying an additional 546 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of 3M during the second quarter worth about $89,237,000. Finally, L & S Advisors Inc grew its holdings in shares of 3M by 78.3% during the second quarter. L & S Advisors Inc now owns 31,930 shares of the conglomerate’s stock worth $6,647,000 after buying an additional 14,026 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Company (NYSE MMM) traded down 0.60% during midday trading on Wednesday, reaching $215.46. 227,724 shares of the company were exchanged. The stock has a market capitalization of $128.58 billion, a price-to-earnings ratio of 24.57 and a beta of 1.09. The company’s 50-day moving average price is $209.02 and its 200 day moving average price is $203.79. 3M Company has a 52-week low of $163.85 and a 52-week high of $217.61.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business earned $2.08 earnings per share. On average, equities analysts predict that 3M Company will post $8.96 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were issued a $1.175 dividend. This represents a $4.70 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is presently 53.59%.
In other news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the transaction, the insider now owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The disclosure for this sale can be found here. Insiders sold 9,112 shares of company stock valued at $1,878,890 over the last quarter. Insiders own 0.58% of the company’s stock.
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A number of equities analysts recently issued reports on the company. Credit Suisse Group reissued an “outperform” rating and set a $237.00 price target (up previously from $229.00) on shares of 3M in a report on Wednesday. Citigroup Inc. reissued a “buy” rating and set a $250.00 price target (up previously from $228.00) on shares of 3M in a report on Monday. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Morgan Stanley raised their price target on 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a report on Monday, October 2nd. Finally, J P Morgan Chase & Co lowered 3M from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $185.00 to $201.00 in a report on Wednesday, September 20th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. 3M has an average rating of “Hold” and a consensus target price of $210.10.
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, electronics, 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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