Global X Management Co. LLC boosted its holdings in 3M (NYSE:MMM) by 4.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 7,782 shares of the conglomerate’s stock after buying an additional 328 shares during the period. Global X Management Co. LLC’s holdings in 3M were worth $1,708,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Lenox Wealth Advisors Inc. grew its position in 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 489 shares in the last quarter. Horan Capital Management acquired a new stake in 3M in the fourth quarter valued at approximately $123,000. Virtue Capital Management LLC acquired a new stake in 3M in the fourth quarter valued at approximately $127,000. Sawyer & Company Inc acquired a new stake in 3M in the fourth quarter valued at approximately $138,000. Finally, Field & Main Bank acquired a new stake in 3M in the fourth quarter valued at approximately $140,000. Hedge funds and other institutional investors own 66.70% of the company’s stock.
3M stock traded down $3.29 during mid-day trading on Tuesday, reaching $202.47. The company’s stock had a trading volume of 992,317 shares, compared to its average volume of 2,875,465. The company has a market cap of $121.80 billion, a PE ratio of 22.08, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.65 and a quick ratio of 1.17. 3M has a twelve month low of $201.64 and a twelve month high of $205.53.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 12th. Shareholders of record on Friday, May 18th will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Thursday, May 17th. 3M’s dividend payout ratio is presently 59.32%.
Several analysts have issued reports on the stock. Royal Bank of Canada raised shares of 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 price objective for the company in a research report on Thursday, May 3rd. They noted that the move was a valuation call. UBS decreased their price target on shares of 3M from $250.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 26th. JPMorgan Chase decreased their price target on shares of 3M from $227.00 to $221.00 and set an “underweight” rating for the company in a research report on Thursday, April 26th. Argus decreased their price target on shares of 3M from $285.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 25th. Finally, Stifel Nicolaus decreased their price target on shares of 3M from $225.00 to $210.00 and set a “hold” rating for the company in a research report on Wednesday, April 25th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $245.84.
In other 3M news, EVP Frank R. Jr. Little sold 3,133 shares of 3M stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $236.85, for a total value of $742,051.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company’s stock.
3M Company Profile
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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