3M Company (MMM) Holdings Cut by Franklin Street Advisors Inc. NC
Franklin Street Advisors Inc. NC decreased its stake in shares of 3M Company (NYSE:MMM) by 8.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,634 shares of the conglomerate’s stock after selling 1,351 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in 3M were worth $3,047,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of MMM. American Century Companies Inc. increased its stake in 3M by 37.1% during the 1st quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after purchasing an additional 852,262 shares in the last quarter. Karp Capital Management Corp increased its stake in 3M by 16,353.8% during the 1st quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after purchasing an additional 493,230 shares in the last quarter. Swiss National Bank increased its stake in 3M by 26.6% during the 1st quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after purchasing an additional 447,900 shares in the last quarter. Bank of New York Mellon Corp increased its stake in 3M by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after purchasing an additional 300,345 shares in the last quarter. Finally, State of Tennessee Treasury Department increased its stake in 3M by 92.6% during the 1st quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock valued at $87,828,000 after purchasing an additional 220,741 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.
In other 3M news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 over the last ninety days. Corporate insiders own 0.58% of the company’s stock.
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3M Company (MMM) traded up 0.06% during mid-day trading on Thursday, hitting $210.64. 565,432 shares of the stock traded hands. The stock has a market cap of $125.70 billion, a PE ratio of 24.03 and a beta of 1.08. The company has a 50 day moving average of $206.16 and a 200-day moving average of $201.42. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.65.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). The business had revenue of $7.81 billion during 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%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.08 earnings per share. Equities research analysts forecast that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were issued 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 dividend yield of 2.23%. 3M’s payout ratio is 53.59%.
A number of brokerages have issued reports on MMM. J P Morgan Chase & Co lowered shares of 3M from a “neutral” rating to an “underweight” rating and upped their price target for the company from $185.00 to $201.00 in a research note on Wednesday. Royal Bank Of Canada restated a “hold” rating and set a $209.00 price target on shares of 3M in a research note on Friday, September 15th. Bank of America Corporation restated a “buy” rating and set a $227.00 price target on shares of 3M in a research note on Thursday, September 14th. Jefferies Group LLC restated a “buy” rating and set a $234.00 price target on shares of 3M in a research note on Wednesday, August 16th. Finally, Stifel Nicolaus restated a “hold” rating and set a $210.00 price target on shares of 3M in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $207.35.
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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