Page Arthur B Boosts Stake in 3M Co. (MMM)
Page Arthur B increased its position in 3M Co. (NYSE:MMM) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 24,988 shares of the company’s stock after buying an additional 370 shares during the period. 3M comprises 4.4% of Page Arthur B’s investment portfolio, making the stock its 4th largest position. Page Arthur B’s holdings in 3M were worth $4,375,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the company. Reilly Financial Advisors LLC increased its position in 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 purchased a new position in 3M during the second quarter valued at $116,000. Jackson Grant Investment Advisers Inc. increased its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock valued at $124,000 after buying an additional 49 shares during the last quarter. Parasol Investment Management LLC increased its position in 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock valued at $157,000 after buying an additional 100 shares during the last quarter. Finally, Pointe Capital Management LLC purchased a new position in 3M during the second quarter valued at $201,000. 65.67% of the stock is owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.24% on Thursday, reaching $171.97. The company had a trading volume of 899,588 shares. The stock has a market capitalization of $103.94 billion, a PE ratio of 21.95 and a beta of 0.99. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27. The company has a 50 day moving average price of $177.88 and a 200 day moving average price of $173.11.
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 Thomson Reuters’ consensus estimate of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the business posted $2.02 earnings per share. On average, equities research analysts anticipate that 3M Co. will post $8.21 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Wednesday, August 17th. 3M’s payout ratio is 56.63%.
Several equities analysts recently weighed in on the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Wednesday. Morgan Stanley reaffirmed a “sell” rating on shares of 3M in a research note on Friday, June 10th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $186.00 price objective (up from $178.00) on shares of 3M in a research note on Thursday, July 28th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and an average target price of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Khandpur K. Ashish sold 1,679 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was 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. 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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