Riverhead Capital Management LLC Has $3.04 Million Position in 3M Co (MMM)
Riverhead Capital Management LLC lifted its stake in shares of 3M Co (NYSE:MMM) by 31.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,469 shares of the conglomerate’s stock after buying an additional 3,658 shares during the quarter. Riverhead Capital Management LLC’s holdings in 3M were worth $3,043,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in the stock. Tyers Asset Management LLC raised its holdings in shares of 3M by 31.7% during the 2nd quarter. Tyers Asset Management LLC now owns 12,908 shares of the conglomerate’s stock valued at $2,540,000 after buying an additional 3,108 shares during the period. Braun Bostich & Associates Inc. raised its holdings in shares of 3M by 221.7% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after buying an additional 481 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of 3M by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,558 shares of the conglomerate’s stock valued at $341,220,000 after buying an additional 44,894 shares during the period. Brown Advisory Inc. grew its stake in 3M by 6.9% during the 2nd quarter. Brown Advisory Inc. now owns 247,286 shares of the conglomerate’s stock valued at $48,646,000 after purchasing an additional 16,024 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in 3M by 3.2% during the 2nd quarter. Janus Henderson Group PLC now owns 2,491,911 shares of the conglomerate’s stock valued at $490,213,000 after purchasing an additional 77,867 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.
A number of brokerages have weighed in on MMM. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine lowered 3M from a “hold” rating to a “sell” rating in a research note on Thursday, June 21st. Deutsche Bank restated a “hold” rating and set a $208.00 price objective on shares of 3M in a research note on Thursday, July 12th. Barclays lowered their price objective on 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research note on Wednesday, July 25th. Finally, Jefferies Financial Group lowered 3M from a “buy” rating to a “hold” rating and lowered their price objective for the company from $259.77 to $200.00 in a research note on Wednesday, May 16th. 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 assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $234.97.
3M (NYSE:MMM) last issued its 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. The company had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The business’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 EPS. equities analysts expect that 3M Co will post 10.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Friday, August 24th were given a $1.36 dividend. The ex-dividend date of this dividend was Thursday, August 23rd. This represents a $5.44 annualized dividend and a dividend yield of 2.63%. 3M’s payout ratio is 59.32%.
In other news, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the transaction, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction that occurred 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 disclosure for this sale can be found here. 0.58% of the stock is currently owned by company insiders.
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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