Twin Capital Management Inc. Invests $6.18 Million in 3M Company (MMM) Stock
Twin Capital Management Inc. purchased a new stake in shares of 3M Company (NYSE:MMM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 29,675 shares of the conglomerate’s stock, valued at approximately $6,178,000.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Jackson Grant Investment Advisers Inc. grew its position in 3M by 0.6% during 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. Founders Capital Management LLC grew its position in 3M by 0.4% during the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock valued at $371,000 after buying an additional 8 shares during the period. Baystate Wealth Management LLC grew its position in 3M by 0.6% during the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock valued at $370,000 after buying an additional 11 shares during the period. Capital Management Corp VA grew its position in 3M by 0.3% during the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock valued at $753,000 after buying an additional 11 shares during the period. Finally, Smith Chas P & Associates PA Cpas grew its position in 3M by 0.7% during the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock valued at $374,000 after buying an additional 13 shares during the period. Institutional investors own 66.31% of the company’s stock.
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Several analysts recently commented on MMM shares. BidaskClub lowered shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research report on Monday, June 19th. Bank of America Corporation restated a “buy” rating and set a $225.00 price target (up previously from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Citigroup Inc. restated a “buy” rating and set a $229.00 price target (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Finally, Jefferies Group LLC restated a “buy” rating and set a $234.00 price target on shares of 3M in a research report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and an average price target of $206.85.
3M Company (NYSE MMM) opened at 213.35 on Friday. The company’s 50-day moving average is $205.40 and its 200-day moving average is $200.88. The firm has a market capitalization of $127.32 billion, a price-to-earnings ratio of 24.34 and a beta of 1.08. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.57.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.08 EPS. Equities analysts predict that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a $1.175 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a yield of 2.20%. 3M’s payout ratio is 53.59%.
In related news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction dated 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 in the company, valued at $633,619.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is owned by corporate insiders.
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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