Wedgewood Investors Inc. PA Reduces Position in 3M Co (MMM)
Wedgewood Investors Inc. PA lowered its holdings in shares of 3M Co (NYSE:MMM) by 2.2% during the 4th quarter, HoldingsChannel reports. The fund owned 5,632 shares of the conglomerate’s stock after selling 125 shares during the period. 3M accounts for approximately 2.0% of Wedgewood Investors Inc. PA’s portfolio, making the stock its 15th biggest holding. Wedgewood Investors Inc. PA’s holdings in 3M were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also bought and sold shares of MMM. IMS Capital Management purchased a new position in shares of 3M during the third quarter valued at approximately $108,000. Arlington Partners LLC boosted its position in shares of 3M by 177.8% in the fourth quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock worth $119,000 after purchasing an additional 400 shares during the period. NuWave Investment Management LLC boosted its position in shares of 3M by 118.6% in the fourth quarter. NuWave Investment Management LLC now owns 634 shares of the conglomerate’s stock worth $121,000 after purchasing an additional 344 shares during the period. Vectors Research Management LLC bought a new position in shares of 3M in the third quarter worth approximately $122,000. Finally, Price Capital Management Inc. bought a new position in shares of 3M in the third quarter worth approximately $126,000. 70.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:MMM traded up $0.47 during midday trading on Monday, reaching $200.29. 336,779 shares of the company were exchanged, compared to its average volume of 2,221,664. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.29 and a current ratio of 1.89. 3M Co has a one year low of $176.87 and a one year high of $244.86. The firm has a market cap of $115.06 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 1.84 and a beta of 1.06.
3M declared that its Board of Directors has authorized a share buyback program on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Friday, February 15th will be given a dividend of $1.44 per share. This is a positive change from 3M’s previous quarterly dividend of $1.36. The ex-dividend date is Thursday, February 14th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.88%. 3M’s dividend payout ratio is currently 52.01%.
In related news, Chairman Inge G. Thulin sold 13,499 shares of the company’s stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the transaction, the chairman now owns 230,458 shares in the company, valued at $46,091,600. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.
MMM has been the subject of a number of recent analyst reports. Deutsche Bank set a $206.00 price target on shares of 3M and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Royal Bank of Canada dropped their price target on shares of 3M to $223.00 and set an “outperform” rating for the company in a research report on Wednesday, October 24th. Credit Suisse Group dropped their price target on shares of 3M from $228.00 to $222.00 and set an “outperform” rating for the company in a research report on Wednesday, October 24th. UBS Group dropped their price target on shares of 3M from $220.00 to $211.00 and set a “hold” rating for the company in a research report on Wednesday, October 24th. Finally, Morgan Stanley set a $198.00 price target on shares of 3M and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $214.57.
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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