Capital Investment Services of America Inc. lowered its stake in 3M Company (NYSE:MMM) by 8.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,150 shares of the conglomerate’s stock after selling 100 shares during the quarter. Capital Investment Services of America Inc.’s holdings in 3M were worth $239,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of MMM. Loeb Partners Corp increased its position in shares of 3M by 138.9% in the 1st quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock valued at $1,646,000 after buying an additional 5,000 shares in the last quarter. Ameriprise Financial Inc. increased 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 valued at $626,792,000 after buying an additional 8,239 shares in the last quarter. TRUE Private Wealth Advisors increased its position in shares of 3M by 16.6% in the 1st quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock valued at $489,000 after buying an additional 367 shares in the last quarter. Personal Capital Advisors Corp increased its position in shares of 3M by 10.4% in the 1st quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock valued at $29,982,000 after buying an additional 14,830 shares in the last quarter. Finally, Smithfield Trust Co. increased its position in shares of 3M by 0.7% in the 1st quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock valued at $3,322,000 after buying an additional 122 shares in the last quarter. 66.31% of the stock is currently owned by institutional investors.
In other news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the sale, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is currently owned by insiders.
Shares of 3M Company (MMM) traded up 0.91% during trading on Friday, hitting $213.35. The stock had a trading volume of 3,636,437 shares. The firm has a 50-day moving average of $205.40 and a 200 day moving average of $200.88. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The company has a market capitalization of $127.32 billion, a P/E ratio of 24.34 and a beta of 1.08.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.01). The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.08 earnings per share. Equities research analysts predict that 3M Company will post $8.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were given a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Wednesday, August 23rd. 3M’s payout ratio is presently 53.59%.
A number of analysts recently commented on the stock. Jefferies Group LLC restated a “buy” rating and issued a $234.00 price objective on shares of 3M in a research report on Wednesday, August 16th. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Stifel Nicolaus reiterated a “hold” rating and set a $210.00 target price on shares of 3M in a report on Friday, July 28th. Bank of America Corporation reiterated a “buy” rating and set a $227.00 target price on shares of 3M in a report on Thursday. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $209.00 target price on shares of 3M in a report on Friday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $206.85.
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, 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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