Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in shares of 3M (NYSE:MMM) by 0.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 146,720 shares of the conglomerate’s stock after selling 274 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in 3M were worth $32,208,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also modified their holdings of the company. Koch Industries Inc. acquired a new stake in 3M in the fourth quarter valued at approximately $788,000. LMR Partners LLP acquired a new stake in 3M in the fourth quarter valued at approximately $1,916,000. Leith Wheeler Investment Counsel Ltd. acquired a new stake in 3M in the fourth quarter valued at approximately $254,000. Personal Capital Advisors Corp raised its holdings in 3M by 4.3% in the fourth quarter. Personal Capital Advisors Corp now owns 173,433 shares of the conglomerate’s stock valued at $40,821,000 after acquiring an additional 7,120 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. raised its holdings in 3M by 15.1% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 50,993 shares of the conglomerate’s stock valued at $12,002,000 after acquiring an additional 6,688 shares in the last quarter. 66.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of 3M traded down $3.29, reaching $202.47, during mid-day trading on Tuesday, according to MarketBeat. 992,317 shares of the company’s stock were exchanged, compared to its average volume of 2,875,465. The company has a current ratio of 1.65, a quick ratio of 1.17 and a debt-to-equity ratio of 1.11. The firm has a market cap of $121.80 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. 3M has a 52-week low of $201.64 and a 52-week high of $205.53.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 12th. Investors of record on Friday, May 18th will be issued a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Thursday, May 17th. 3M’s dividend payout ratio is presently 59.32%.
In related news, EVP Frank R. Jr. Little sold 3,133 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total transaction of $742,051.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.72% of the stock is owned by company insiders.
MMM has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research note on Wednesday, April 11th. Citigroup increased their price target on shares of 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. Hilliard Lyons upgraded shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target on the stock in a research note on Wednesday, January 24th. JPMorgan Chase reiterated an “underweight” rating and issued a $221.00 price target (up from $208.00) on shares of 3M in a research note on Thursday, January 18th. Finally, Barclays initiated coverage on shares of 3M in a research note on Thursday, February 15th. They issued an “underweight” rating and a $235.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $245.84.
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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