LS Investment Advisors LLC Cuts Stake in 3M Co. (MMM)
LS Investment Advisors LLC decreased its stake in 3M Co. (NYSE:MMM) by 0.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,437 shares of the company’s stock after selling 288 shares during the period. LS Investment Advisors LLC’s holdings in 3M were worth $10,233,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in MMM. Wellington Management Group LLP boosted its stake in 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. boosted its stake in 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 boosted its stake in 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 boosted its stake in 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 acquired a new stake in 3M during the first quarter valued at $37,256,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 0.11% during mid-day trading on Monday, hitting $171.14. The stock had a trading volume of 1,936,639 shares. The stock’s 50-day moving average is $177.18 and its 200 day moving average is $173.32. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The firm has a market capitalization of $103.44 billion, a price-to-earnings ratio of 21.84 and a beta of 0.99.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period in the previous year, the business earned $2.02 earnings per share. The firm’s quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were given a $1.11 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a yield of 2.59%. 3M’s dividend payout ratio (DPR) is presently 56.63%.
A number of research analysts have recently commented on the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Credit Suisse Group AG reiterated a “buy” rating and issued a $195.00 price target on shares of 3M in a research note on Friday, September 16th. Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 price target on shares of 3M in a research note on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and issued a $168.00 price target on shares of 3M in a research note on Tuesday, August 23rd. Finally, Jefferies Group reiterated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $167.11.
In other 3M news, insider Paul A. Keel sold 3,180 shares of the business’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $567,280.20. Following the completion of the sale, the insider now directly owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction 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 completion of the sale, the vice president now directly owns 1,011 shares of the company’s stock, valued at $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
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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