Advisors Asset Management Inc. Has $7,956,000 Stake in 3M Co. (MMM)
Advisors Asset Management Inc. boosted its position in 3M Co. (NYSE:MMM) by 12.0% during the second quarter, Holdings Channel reports. The fund owned 45,433 shares of the company’s stock after buying an additional 4,865 shares during the period. Advisors Asset Management Inc.’s holdings in 3M were worth $7,956,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Reilly Financial Advisors LLC boosted its position in shares of 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares during the last quarter. CenturyLink Investment Management Co acquired a new position in shares of 3M during the second quarter worth $116,000. Jackson Grant Investment Advisers Inc. raised its position 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 during the period. Parasol Investment Management LLC raised its position 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 during the period. Finally, Pointe Capital Management LLC acquired a new position in shares of 3M during the second quarter worth $201,000. Institutional investors own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded down 0.24% on Thursday, hitting $171.97. The stock had a trading volume of 899,588 shares. 3M Co. has a 12 month low of $134.64 and a 12 month high of $182.27. The company has a 50-day moving average of $177.88 and a 200 day moving average of $173.11. The company has a market cap of $103.94 billion, a PE ratio of 21.95 and a beta of 0.99.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.02 EPS. On average, analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a dividend of $1.11 per share. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a yield of 2.58%. 3M’s dividend payout ratio (DPR) is 56.63%.
A number of brokerages have weighed in on MMM. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Wednesday. Credit Suisse Group AG reissued a “buy” rating and issued a $195.00 target price on shares of 3M in a research report on Friday, September 16th. Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 price target on shares of 3M in a research report on Thursday, August 25th. Morgan Stanley reaffirmed a “sell” rating and set a $168.00 price target on shares of 3M in a research report on Tuesday, August 23rd. Finally, Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research report on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now owns 10,834 shares in the company, valued at approximately $1,933,002.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul A. Keel sold 3,180 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $567,280.20. Following the sale, the insider now owns 9,961 shares in the company, valued at approximately $1,776,942.79. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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