Wagner Bowman Management Corp reduced its position in 3M Co (NYSE:MMM) by 3.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,547 shares of the conglomerate’s stock after selling 517 shares during the quarter. 3M comprises about 1.0% of Wagner Bowman Management Corp’s portfolio, making the stock its 23rd largest position. Wagner Bowman Management Corp’s holdings in 3M were worth $3,473,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Advisor Partners LLC lifted its position in shares of 3M by 4.6% in the 3rd quarter. Advisor Partners LLC now owns 17,127 shares of the conglomerate’s stock worth $3,595,000 after purchasing an additional 747 shares during the period. Ameriprise Financial Inc. lifted its position in shares of 3M by 0.3% in the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after purchasing an additional 8,239 shares during the period. C.V. Starr & Co. Inc. Trust lifted its position in shares of 3M by 20.0% during the 1st quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock valued at $11,480,000 after acquiring an additional 10,000 shares during the period. Twin Capital Management Inc. acquired a new position in shares of 3M during the 2nd quarter valued at $6,178,000. Finally, Aperio Group LLC lifted its position in shares of 3M by 6.8% during the 3rd quarter. Aperio Group LLC now owns 559,122 shares of the conglomerate’s stock valued at $117,360,000 after acquiring an additional 35,815 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on MMM. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Bank of America reiterated a “buy” rating and issued a $227.00 target price on shares of 3M in a research note on Thursday, September 14th. Argus reiterated a “buy” rating on shares of 3M in a research note on Friday, December 22nd. Credit Suisse Group restated an “outperform” rating and set a $237.00 price target (up previously from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Finally, Citigroup increased their price target on shares of 3M from $250.00 to $262.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $231.16.
Shares of 3M Co (NYSE MMM) traded down $0.35 during midday trading on Friday, reaching $235.37. 1,343,854 shares of the company’s stock were exchanged, compared to its average volume of 1,872,805. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. 3M Co has a twelve month low of $173.55 and a twelve month high of $244.23. The company has a market capitalization of $140,396.75, a PE ratio of 26.30, a P/E/G ratio of 2.55 and a beta of 1.10.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The business’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the business earned $2.15 earnings per share. sell-side analysts forecast that 3M Co will post 9.08 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were given a dividend of $0.0118 per share. This represents a $0.05 annualized dividend and a yield of 0.02%. The ex-dividend date of this dividend was Wednesday, November 22nd. 3M’s dividend payout ratio is currently 52.51%.
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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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