3M Company (MMM) Shares Bought by Smith Chas P & Associates PA Cpas
Smith Chas P & Associates PA Cpas raised its holdings in 3M Company (NYSE:MMM) by 2.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,991 shares of the conglomerate’s stock after buying an additional 39 shares during the period. Smith Chas P & Associates PA Cpas’ holdings in 3M were worth $414,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Proficio Capital Partners LLC raised its stake in 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. raised its stake in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares during the period. Ironwood Investment Management LLC bought a new stake in 3M in the second quarter valued at approximately $203,000. Princeton Capital Management Inc. acquired a new position in shares of 3M in the second quarter valued at approximately $203,000. Finally, CrestPoint Capital Management LLC acquired a new position in shares of 3M in the second quarter valued at approximately $208,000. Hedge funds and other institutional investors own 66.31% of the company’s stock.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the sale, the insider now directly owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of 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. Insiders sold 9,112 shares of company stock valued at $1,878,890 over the last three months. 0.58% of the stock is currently owned by insiders.
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3M Company (NYSE MMM) opened at 209.49 on Thursday. The company has a market capitalization of $125.02 billion, a PE ratio of 23.90 and a beta of 1.08. The stock has a 50 day moving average price of $204.38 and a 200-day moving average price of $200.55. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter last year, the firm posted $2.08 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts predict that 3M Company will post $8.94 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were paid a $1.175 dividend. This represents a $4.70 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.
Several research firms have recently commented on MMM. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a research report on Monday, June 19th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $202.00 target price on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley reaffirmed an “underweight” rating and issued a $191.00 target price (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $234.00 target price on shares of 3M in a research report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and an average price target of $206.68.
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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