Tower Bridge Advisors increased its position in shares of 3M (NYSE:MMM) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,406 shares of the conglomerate’s stock after purchasing an additional 2,402 shares during the quarter. 3M accounts for approximately 1.2% of Tower Bridge Advisors’ investment portfolio, making the stock its 24th largest position. Tower Bridge Advisors’ holdings in 3M were worth $15,300,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of MMM. Financial Avengers Inc. bought a new stake in 3M during the fourth quarter worth about $26,000. IronBridge Private Wealth LLC bought a new stake in 3M during the fourth quarter worth about $26,000. Goodwin Investment Advisory bought a new stake in 3M during the first quarter worth about $33,000. Better Money Decisions LLC acquired a new position in 3M during the first quarter worth about $38,000. Finally, Lederer & Associates Investment Counsel CA acquired a new position in 3M during the first quarter worth about $52,000. 66.42% of the stock is owned by institutional investors and hedge funds.
In other 3M news, VP Ivan K. Fong sold 12,059 shares of the stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the transaction, the vice president now directly owns 47,872 shares in the company, valued at approximately $9,500,677.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kristen M. Ludgate sold 933 shares of the stock in a transaction that occurred on Wednesday, April 21st. The stock was sold at an average price of $200.00, for a total value of $186,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 13,025 shares of company stock worth $2,586,414 over the last 90 days. Company insiders own 0.34% of the company’s stock.
3M (NYSE:MMM) last announced its earnings results on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.48. The business had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.43 billion. 3M had a return on equity of 44.00% and a net margin of 17.34%. The firm’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.16 earnings per share. Equities analysts expect that 3M will post 9.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 12th. Shareholders of record on Friday, May 21st will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date is Thursday, May 20th. 3M’s payout ratio is 67.73%.
Several research analysts have commented on the company. Barclays boosted their target price on 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 6th. Morgan Stanley boosted their target price on 3M from $188.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Monday, April 12th. Royal Bank of Canada boosted their target price on 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 28th. Deutsche Bank Aktiengesellschaft boosted their target price on 3M from $192.00 to $199.00 and gave the stock a “hold” rating in a research note on Wednesday, April 28th. Finally, Credit Suisse Group lowered their price objective on 3M from $213.00 to $210.00 and set an “outperform” rating for the company in a research note on Wednesday, April 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $193.45.
3M Company Profile
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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