Summit Asset Management LLC Continues to Hold Stake in 3M Co. (MMM)
Summit Asset Management LLC held its position in 3M Co. (NYSE:MMM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,378 shares of the company’s stock at the end of the second quarter. Summit Asset Management LLC’s holdings in 3M were worth $416,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Reilly Financial Advisors LLC increased its stake in shares of 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock valued at $113,000 after buying an additional 178 shares during the last quarter. CenturyLink Investment Management Co bought a new stake in shares of 3M during the second quarter worth about $116,000. Jackson Grant Investment Advisers Inc. increased its stake in shares of 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares in the last quarter. Parasol Investment Management LLC increased its stake in shares of 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock worth $157,000 after buying an additional 100 shares in the last quarter. Finally, Pointe Capital Management LLC bought a new stake in shares of 3M during the second quarter worth about $201,000. Institutional investors and hedge funds own 65.66% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded up 1.12% during midday trading on Wednesday, reaching $179.59. 1,691,268 shares of the company were exchanged. The firm has a market capitalization of $108.54 billion, a P/E ratio of 22.92 and a beta of 1.07. The firm has a 50-day moving average of $178.81 and a 200 day moving average of $172.06. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business posted $2.02 earnings per share. On average, equities research analysts expect that 3M Co. will post $8.21 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio is presently 56.63%.
A number of brokerages have issued reports on MMM. Credit Suisse Group AG reiterated a “buy” rating and issued a $195.00 price target on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and issued a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Jefferies Group reiterated a “buy” rating on shares of 3M in a report on Thursday, August 4th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $165.18.
In other 3M news, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the transaction, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the sale, the vice president now owns 1,011 shares of the company’s stock, valued at $180,352.29. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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