Salem Capital Management Inc. continued to hold its stake in shares of 3M Company (NYSE:MMM) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,950 shares of the conglomerate’s stock at the end of the second quarter. Salem Capital Management Inc.’s holdings in 3M were worth $1,655,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Loeb Partners Corp lifted its stake in 3M by 138.9% during the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock worth $1,646,000 after purchasing an additional 5,000 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in 3M by 0.3% during the first 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 last quarter. TRUE Private Wealth Advisors lifted its stake in 3M by 16.6% during the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock worth $489,000 after purchasing an additional 367 shares during the last quarter. Personal Capital Advisors Corp lifted its stake in 3M by 10.4% during the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock worth $29,982,000 after purchasing an additional 14,830 shares during the last quarter. Finally, Smithfield Trust Co. lifted its stake in 3M by 0.7% during the first quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock worth $3,322,000 after purchasing an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 66.31% of the company’s stock.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, the insider now owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is owned by insiders.
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Shares of 3M Company (NYSE:MMM) traded up 0.91% on Friday, hitting $213.35. The stock had a trading volume of 3,636,437 shares. The firm has a 50 day moving average price of $205.40 and a 200-day moving average price of $200.88. The company has a market cap of $127.32 billion, a price-to-earnings ratio of 24.34 and a beta of 1.08. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.08 EPS. Analysts anticipate that 3M Company will post $8.94 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a $1.175 dividend. This represents a $4.70 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio is 53.59%.
Several equities analysts recently issued reports on MMM shares. Citigroup Inc. restated a “buy” rating and set a $229.00 price objective (up from $220.00) on shares of 3M in a research note on Saturday, June 3rd. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Morgan Stanley restated an “underweight” rating and set a $191.00 price objective (down from $193.00) on shares of 3M in a research note on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and set a $210.00 price objective on shares of 3M in a research note on Friday, July 28th. Finally, Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $206.85.
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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