Eqis Capital Management Inc. Acquires 184 Shares of 3M Company (MMM)
Eqis Capital Management Inc. increased its holdings in shares of 3M Company (NYSE:MMM) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,559 shares of the conglomerate’s stock after acquiring an additional 184 shares during the quarter. Eqis Capital Management Inc.’s holdings in 3M were worth $2,406,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Loeb Partners Corp increased its position in 3M by 138.9% during the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock worth $1,646,000 after acquiring an additional 5,000 shares during the period. Ameriprise Financial Inc. increased its position in 3M by 0.3% during the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after acquiring an additional 8,239 shares during the period. Personal Capital Advisors Corp increased its position in 3M by 10.4% during the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock worth $29,982,000 after acquiring an additional 14,830 shares during the period. Smithfield Trust Co. increased its position in 3M by 0.7% during the first quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock worth $3,322,000 after acquiring an additional 122 shares during the period. Finally, C.V. Starr & Co. Inc. Trust increased its position in 3M by 20.0% during the first quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock worth $11,480,000 after acquiring an additional 10,000 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.
A number of equities 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 raised 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 reissued a “buy” rating and issued a $225.00 target price (up from $208.00) on shares of 3M in a report on Tuesday, June 6th. Citigroup Inc. reissued a “buy” rating and issued a $229.00 target price (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Thursday, June 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and an average target price of $207.35.
In related news, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is owned by company insiders.
Shares of 3M Company (NYSE:MMM) traded up 0.31% during midday trading on Friday, hitting $211.09. 658,807 shares of the company traded hands. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.65. The stock has a market capitalization of $125.97 billion, a PE ratio of 24.08 and a beta of 1.08. The stock has a 50 day moving average of $206.16 and a 200-day moving average of $201.42.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the company posted $2.08 earnings per share. Equities analysts forecast that 3M Company will post $8.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were given a $1.175 dividend. This represents a $4.70 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is 53.59%.
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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