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Cumberland Partners Ltd Takes Position in 3M Co (MMM)

Cumberland Partners Ltd purchased a new stake in 3M Co (NYSE:MMM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,440 shares of the conglomerate’s stock, valued at approximately $480,000.

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Several other large investors also recently bought and sold shares of the stock. Allianz Life Insurance Co of North America purchased a new position in 3M in the first quarter worth approximately $239,000. Quattro Financial Advisors LLC purchased a new position in 3M in the first quarter worth approximately $119,000. Rockland Trust Co. grew its position in 3M by 10.5% in the second quarter. Rockland Trust Co. now owns 10,393 shares of the conglomerate’s stock worth $2,045,000 after acquiring an additional 989 shares during the period. Connable Office Inc. grew its position in 3M by 7.4% in the second quarter. Connable Office Inc. now owns 12,130 shares of the conglomerate’s stock worth $2,386,000 after acquiring an additional 835 shares during the period. Finally, Rockefeller Capital Management L.P. grew its position in 3M by 3.8% in the second quarter. Rockefeller Capital Management L.P. now owns 9,935 shares of the conglomerate’s stock worth $1,954,000 after acquiring an additional 367 shares during the period. 66.16% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently weighed in on the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. UBS Group increased their price objective on 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Citigroup set a $263.00 price objective on 3M and gave the stock a “buy” rating in a research report on Saturday, June 9th. Morgan Stanley started coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target for the company. Finally, Barclays lowered their price target on 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research report on Wednesday, July 25th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus price target of $234.97.

In related news, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction on Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.58% of the company’s stock.

MMM opened at $212.57 on Friday. 3M Co has a 52 week low of $190.57 and a 52 week high of $259.77. The firm has a market cap of $124.80 billion, a PE ratio of 22.35, a PEG ratio of 2.02 and a beta of 1.16. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, topping the consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The business had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.36 billion. During the same period last year, the business posted $2.58 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. equities research analysts predict that 3M Co will post 10.37 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Friday, August 24th will be given a dividend of $1.36 per share. The ex-dividend date of this dividend is Thursday, August 23rd. This represents a $5.44 annualized dividend and a dividend yield of 2.56%. 3M’s dividend payout ratio is currently 59.32%.

3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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