Stone Ridge Asset Management LLC Reduces Position in 3M Co (MMM)
Stone Ridge Asset Management LLC decreased its holdings in shares of 3M Co (NYSE:MMM) by 13.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,818 shares of the conglomerate’s stock after selling 600 shares during the period. Stone Ridge Asset Management LLC’s holdings in 3M were worth $804,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its stake in shares of 3M by 2.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock valued at $2,238,278,000 after acquiring an additional 257,182 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 3M by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after acquiring an additional 537,325 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of 3M by 5.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock valued at $755,275,000 after acquiring an additional 194,950 shares during the period. Morgan Stanley increased its stake in shares of 3M by 17.3% during the second quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after acquiring an additional 534,001 shares during the period. Finally, Parnassus Investments CA acquired a new position in shares of 3M during the second quarter valued at approximately $706,178,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.
In other 3M news, Director Gregory R. Page bought 1,000 shares of 3M stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares of the company’s stock, valued at approximately $276,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The company’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.33 earnings per share. As a group, sell-side analysts anticipate that 3M Co will post 10.83 EPS for the current year.
3M announced that its Board of Directors has authorized a share buyback program on Tuesday, November 13th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be issued a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s payout ratio is 59.32%.
A number of research analysts recently commented on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Deutsche Bank raised their price objective on shares of 3M from $206.00 to $210.00 and gave the company a “hold” rating in a research note on Friday. Barclays lowered their price objective on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 25th. Royal Bank of Canada reiterated a “buy” rating and set a $234.00 price objective on shares of 3M in a research note on Wednesday, July 25th. Finally, Citigroup lowered their price objective on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $225.16.
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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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