Proffitt & Goodson Inc. Has $1,277,000 Position in 3M Co. (MMM)
Proffitt & Goodson Inc. cut its stake in shares of 3M Co. (NYSE:MMM) by 4.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,290 shares of the company’s stock after selling 300 shares during the period. 3M makes up 0.7% of Proffitt & Goodson Inc.’s holdings, making the stock its 20th largest position. Proffitt & Goodson Inc.’s holdings in 3M were worth $1,277,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock valued at $661,657,000 after buying an additional 381,798 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock valued at $136,753,000 after buying an additional 349,353 shares during the last quarter. BlackRock Group LTD raised its position in shares of 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock valued at $831,988,000 after buying an additional 297,153 shares during the last quarter. Geode Capital Management LLC raised its position in shares of 3M by 5.0% in the first quarter. Geode Capital Management LLC now owns 5,330,612 shares of the company’s stock valued at $886,575,000 after buying an additional 251,776 shares during the last quarter. Finally, Virginia Retirement System purchased a new position in shares of 3M during the first quarter valued at about $37,256,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded up 0.49% during midday trading on Friday, hitting $176.23. 2,419,430 shares of the stock were exchanged. The firm’s 50-day moving average is $178.48 and its 200 day moving average is $172.84. The stock has a market cap of $106.51 billion, a price-to-earnings ratio of 22.49 and a beta of 1.07. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The business earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same quarter in the prior year, the firm earned $2.02 EPS. The company’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts expect that 3M Co. will post $8.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors 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 dividend yield of 2.52%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio is presently 56.63%.
Several equities analysts have issued reports on MMM shares. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a report on Sunday, July 10th. Morgan Stanley reiterated a “sell” rating on shares of 3M in a research note on Friday, June 10th. Jefferies Group reiterated a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $167.11.
In related news, insider James L. Bauman sold 9,066 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Khandpur K. Ashish sold 1,679 shares of the business’s 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 sale, the vice president now directly owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The disclosure for this sale can be found here. Corporate 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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