Seaward Management Limited Partnership Lowers Stake in 3M Company (MMM)
Seaward Management Limited Partnership reduced its stake in 3M Company (NYSE:MMM) by 0.9% during the first quarter, Holdings Channel reports. The firm owned 95,873 shares of the conglomerate’s stock after selling 855 shares during the period. Seaward Management Limited Partnership’s holdings in 3M were worth $18,343,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Capital Investment Counsel Inc increased its position in 3M by 7.0% in the first quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after buying an additional 189 shares during the period. Gradient Investments LLC increased its position in 3M by 13.7% in the first quarter. Gradient Investments LLC now owns 35,378 shares of the conglomerate’s stock valued at $6,769,000 after buying an additional 4,251 shares during the period. Portfolio Solutions LLC acquired a new position in 3M during the first quarter valued at approximately $210,000. Marshwinds Advisory Co. increased its position in 3M by 0.5% in the first quarter. Marshwinds Advisory Co. now owns 20,683 shares of the conglomerate’s stock valued at $3,957,000 after buying an additional 101 shares during the period. Finally, First PREMIER Bank increased its position in 3M by 6.9% in the first quarter. First PREMIER Bank now owns 1,918 shares of the conglomerate’s stock valued at $367,000 after buying an additional 123 shares during the period. Institutional investors and hedge funds own 65.71% of the company’s stock.
Shares of 3M Company (NYSE:MMM) traded down 0.89% during midday trading on Friday, reaching $203.53. 1,838,640 shares of the company were exchanged. The company has a market capitalization of $121.46 billion, a PE ratio of 23.22 and a beta of 1.08. The stock’s 50-day moving average price is $207.30 and its 200-day moving average price is $197.49. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.57.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The firm had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.08 earnings per share. Analysts anticipate that 3M Company will post $8.94 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s payout ratio is 53.59%.
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Several equities analysts have commented on MMM shares. Stifel Nicolaus boosted their price target on shares of 3M from $190.00 to $202.00 and gave the stock a “hold” rating in a research note on Wednesday, April 26th. Credit Suisse Group restated a “buy” rating on shares of 3M in a research note on Thursday, April 27th. Barclays PLC restated a “buy” rating on shares of 3M in a research note on Thursday, April 27th. Royal Bank Of Canada restated an “outperform” rating and issued a $191.00 price target (up previously from $187.00) on shares of 3M in a research note on Saturday, April 29th. Finally, Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $203.40.
In related news, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the sale, the vice president now directly owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,112 shares of company stock valued at $1,878,890. Company insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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