3M Co. (MMM) Shares Bought by Atlanta Capital Group
Atlanta Capital Group boosted its stake in shares of 3M Co. (NYSE:MMM) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 265,502 shares of the company’s stock after buying an additional 185 shares during the period. 3M comprises about 10.4% of Atlanta Capital Group’s portfolio, making the stock its largest position. Atlanta Capital Group’s holdings in 3M were worth $46,495,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Reilly Financial Advisors LLC boosted 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 period. CenturyLink Investment Management Co bought a new stake in shares of 3M during the second quarter valued at approximately $116,000. Jackson Grant Investment Advisers Inc. boosted 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 valued at $124,000 after buying an additional 49 shares during the period. Parasol Investment Management LLC boosted 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 valued at $157,000 after buying an additional 100 shares during the period. Finally, Pointe Capital Management LLC bought a new stake in shares of 3M during the second quarter valued at approximately $201,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.
3M Co. (NYSE:MMM) traded down 0.70% during midday trading on Tuesday, reaching $169.95. 209,642 shares of the company were exchanged. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27. The stock has a market capitalization of $102.72 billion, a price-to-earnings ratio of 21.69 and a beta of 0.99. The firm’s 50-day moving average price is $177.18 and its 200 day moving average price is $173.32.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, beating the Thomson Reuters’ 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 quarter last year, the firm posted $2.02 EPS. The business’s revenue for the quarter was down .3% on a year-over-year basis. Equities analysts predict that 3M Co. will post $8.21 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were given a dividend of $1.11 per share. The ex-dividend date was Wednesday, August 17th. This represents a $4.44 annualized dividend and a dividend yield of 2.59%. 3M’s dividend payout ratio (DPR) is 56.63%.
Several analysts recently commented on the stock. Jefferies Group reiterated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Credit Suisse Group AG reiterated an “outperform” rating and issued a $186.00 price objective (up previously from $178.00) on shares of 3M in a research note on Thursday, July 28th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, October 5th. Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Finally, Morgan Stanley restated a “sell” rating and set a $168.00 target price on shares of 3M in a research report on Tuesday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $167.11.
In other news, VP Khandpur K. Ashish sold 1,679 shares of the firm’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 completion of the transaction, the vice president now owns 1,011 shares in the company, valued at approximately $180,352.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Paul A. Keel sold 3,180 shares of the firm’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 $567,280.20. Following the transaction, the insider now owns 9,961 shares of the company’s stock, valued at approximately $1,776,942.79. 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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