Brown Advisory Inc. trimmed its holdings in shares of 3M Co (NYSE:MMM) by 5.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 259,038 shares of the conglomerate’s stock after selling 15,107 shares during the quarter. Brown Advisory Inc.’s holdings in 3M were worth $60,969,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. grew its position in 3M by 1.4% during the fourth quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock valued at $9,139,087,000 after buying an additional 521,880 shares during the period. Bank of New York Mellon Corp lifted its holdings in 3M by 0.5% during the fourth quarter. Bank of New York Mellon Corp now owns 6,379,814 shares of the conglomerate’s stock valued at $1,501,619,000 after purchasing an additional 28,908 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in 3M by 4.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after purchasing an additional 142,799 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in 3M by 8.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock valued at $476,476,000 after purchasing an additional 159,668 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in 3M by 0.5% during the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock valued at $356,877,000 after purchasing an additional 8,500 shares in the last quarter. Institutional investors own 66.89% of the company’s stock.
Several brokerages have weighed in on MMM. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price target on the stock in a report on Monday, January 15th. Vetr downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price target on the stock. in a report on Tuesday, February 27th. UBS Group began coverage on shares of 3M in a report on Tuesday, January 23rd. They set a “neutral” rating and a $262.00 price target on the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $221.00 price target (up previously from $208.00) on shares of 3M in a report on Thursday, January 18th. Finally, Deutsche Bank lifted their price target on shares of 3M from $180.00 to $240.00 and gave the company a “hold” rating in a report on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $254.02.
3M (NYSE:MMM) last released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, topping the consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. During the same quarter in the previous year, the firm earned $1.88 earnings per share. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. research analysts expect that 3M Co will post 10.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is 59.32%.
In other news, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total value of $8,849,169.04. Following the transaction, the chairman now owns 253,873 shares of the company’s stock, valued at $63,757,665.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $249.76, for a total transaction of $419,846.56. Following the completion of the transaction, the chief financial officer now directly owns 23,562 shares in the company, valued at approximately $5,884,845.12. The disclosure for this sale can be found here. Insiders sold 52,806 shares of company stock worth $13,162,628 in the last three months. Insiders own 0.58% of the company’s stock.
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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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