Cabot Wellington LLC Trims Stake in 3M Company (MMM)
Cabot Wellington LLC reduced its stake in shares of 3M Company (NYSE:MMM) by 9.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,830 shares of the conglomerate’s stock after selling 200 shares during the period. 3M comprises 0.2% of Cabot Wellington LLC’s investment portfolio, making the stock its 12th biggest position. Cabot Wellington LLC’s holdings in 3M were worth $377,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC grew its position in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after acquiring an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. grew its position in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares during the period. Ironwood Investment Management LLC bought a new position in shares of 3M during the 2nd quarter valued at approximately $203,000. Princeton Capital Management Inc. bought a new position in shares of 3M during the 2nd quarter valued at approximately $203,000. Finally, CrestPoint Capital Management LLC bought a new position in shares of 3M during the 2nd quarter valued at approximately $208,000. 66.20% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on MMM. Royal Bank Of Canada reissued a “hold” rating and set a $209.00 target price on shares of 3M in a research report on Friday, September 15th. Jefferies Group LLC reissued a “buy” rating and set a $234.00 target price on shares of 3M in a research report on Wednesday, August 16th. J P Morgan Chase & Co downgraded shares of 3M from a “neutral” rating to an “underweight” rating and increased their target price for the company from $185.00 to $201.00 in a research report on Wednesday, September 20th. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $225.00 price objective (up from $208.00) on shares of 3M in a report on Tuesday, June 6th. Three research 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. The stock currently has an average rating of “Hold” and an average target price of $207.35.
Shares of 3M Company (NYSE MMM) opened at 210.76 on Monday. The stock has a market capitalization of $125.77 billion, a PE ratio of 24.04 and a beta of 1.08. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.65. The firm 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 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 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 business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.08 earnings per share. Analysts predict that 3M Company will post $8.95 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a $1.175 dividend. The ex-dividend date 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 currently 53.59%.
In other 3M 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 completion of 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 is accessible through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now 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 quarter, insiders sold 9,112 shares of company stock valued at $1,878,890. Company insiders own 0.58% of the company’s stock.
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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