Pinebridge Investments L.P. raised its stake in 3M Co (NYSE:MMM) by 268.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,182 shares of the conglomerate’s stock after acquiring an additional 64,240 shares during the quarter. Pinebridge Investments L.P.’s holdings in 3M were worth $15,286,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Lederer & Associates Investment Counsel CA boosted its stake in shares of 3M by 2.1% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock valued at $501,000 after purchasing an additional 50 shares during the last quarter. Shine Investment Advisory Services Inc. boosted its stake in 3M by 35.2% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 50 shares during the last quarter. Peoples Financial Services CORP. boosted its stake in 3M by 0.3% during the 1st quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock worth $3,330,000 after acquiring an additional 50 shares during the last quarter. Bfsg LLC boosted its stake in 3M by 0.4% during the 1st quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock worth $2,926,000 after acquiring an additional 55 shares during the last quarter. Finally, Nwam LLC boosted its stake in 3M by 1.0% during the 1st quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock worth $1,216,000 after acquiring an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 67.09% of the company’s stock.
In other news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.83% of the company’s stock.
Shares of NYSE:MMM traded up $1.63 on Friday, hitting $172.21. The company had a trading volume of 173,868 shares, compared to its average volume of 2,519,946. 3M Co has a 1-year low of $154.00 and a 1-year high of $219.75. The stock has a market cap of $97.98 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 1.90 and a beta of 1.11. The stock has a 50 day moving average price of $164.67 and a 200 day moving average price of $182.03. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53.
3M (NYSE:MMM) last announced its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. 3M’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.59 earnings per share. Sell-side analysts anticipate that 3M Co will post 9.34 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 16th were given a $1.44 dividend. The ex-dividend date was Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.34%. 3M’s payout ratio is presently 55.07%.
MMM has been the topic of several recent analyst reports. Citigroup reduced their price objective on shares of 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Bank of America cut their price target on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price target on the stock in a research note on Monday, July 29th. UBS Group cut their price target on shares of 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Finally, Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $182.54.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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