Exxonmobil Investment Management Inc. TX Reduces Position in 3M Co. (MMM)
Exxonmobil Investment Management Inc. TX reduced its position in shares of 3M Co. (NYSE:MMM) by 1.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 154,325 shares of the company’s stock after selling 2,672 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in 3M were worth $27,197,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the company’s stock worth $7,387,096,000 after buying an additional 822,712 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in 3M by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,477,856 shares of the company’s stock worth $2,885,602,000 after buying an additional 527,158 shares in the last quarter. FMR LLC boosted its stake in 3M by 5.1% in the second quarter. FMR LLC now owns 8,774,300 shares of the company’s stock worth $1,536,555,000 after buying an additional 425,320 shares in the last quarter. BlackRock Fund Advisors boosted its stake in 3M by 1.5% in the second quarter. BlackRock Fund Advisors now owns 8,004,556 shares of the company’s stock worth $1,401,758,000 after buying an additional 121,033 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in 3M by 9.1% in the second quarter. BlackRock Group LTD now owns 5,446,580 shares of the company’s stock worth $953,805,000 after buying an additional 453,554 shares in the last quarter. Institutional investors and hedge funds own 63.36% of the company’s stock.
3M Co. (NYSE:MMM) traded up 0.01% during trading on Tuesday, reaching $172.52. The company had a trading volume of 171,692 shares. The company has a market capitalization of $103.76 billion, a P/E ratio of 21.75 and a beta of 1.04. The stock has a 50 day moving average of $170.04 and a 200-day moving average of $173.87. 3M Co. has a 12 month low of $134.64 and a 12 month high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.01. The firm had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.72 billion. 3M had a return on equity of 42.27% and a net margin of 16.40%. 3M’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.05 earnings per share. Equities research analysts expect that 3M Co. will post $8.17 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Friday, November 18th will be given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Wednesday, November 16th. 3M’s payout ratio is 55.92%.
A number of research firms recently commented on MMM. Jefferies Group reiterated a “buy” rating and set a $210.00 price objective (up previously from $200.00) on shares of 3M in a research report on Monday. Goldman Sachs Group Inc. cut 3M from a “neutral” rating to a “sell” rating and lowered their price target for the company from $172.96 to $159.00 in a report on Monday, November 21st. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Tuesday, November 15th. RBC Capital Markets restated an “underperform” rating and issued a $155.00 price target (down previously from $159.00) on shares of 3M in a report on Wednesday, October 26th. Finally, Royal Bank Of Canada lowered their price target on 3M from $159.00 to $155.00 and set an “underperform” rating for the company in a report on Wednesday, October 26th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $170.80.
In related news, insider Julie L. Bushman sold 10,771 shares of the company’s stock in a transaction on Friday, November 4th. The stock was sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the transaction, the insider now directly owns 34,093 shares of the company’s stock, valued at $5,683,644.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Julie L. Bushman sold 10,424 shares of the company’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $173.02, for a total value of $1,803,560.48. Following the transaction, the insider now directly owns 32,717 shares in the company, valued at $5,660,695.34. 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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