Edgestream Partners L.P. cut its holdings in 3M Co (NYSE:MMM) by 29.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,721 shares of the conglomerate’s stock after selling 1,161 shares during the period. Edgestream Partners L.P.’s holdings in 3M were worth $640,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. BlackRock Inc. raised its holdings in shares of 3M by 1.4% during the 4th quarter. BlackRock Inc. now owns 38,828,584 shares of the conglomerate’s stock worth $9,139,087,000 after acquiring an additional 521,880 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 3M by 0.5% during the 4th quarter. Bank of New York Mellon Corp now owns 6,379,814 shares of the conglomerate’s stock worth $1,501,619,000 after acquiring an additional 28,908 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of 3M by 4.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock worth $746,391,000 after acquiring an additional 142,799 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of 3M by 8.6% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,024,371 shares of the conglomerate’s stock worth $476,476,000 after acquiring an additional 159,668 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of 3M by 0.5% during the 3rd quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock worth $356,877,000 after acquiring an additional 8,500 shares in the last quarter. 66.89% of the stock is currently owned by institutional investors.
MMM has been the topic of several recent research reports. Argus reaffirmed a “buy” rating on shares of 3M in a report on Friday, December 22nd. Citigroup upped their price objective on 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a report on Tuesday, January 16th. Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective on the stock in a report on Wednesday, January 24th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $221.00 price objective (up from $208.00) on shares of 3M in a report on Thursday, January 18th. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $271.00 price objective on the stock in a report on Monday, January 15th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus target price of $254.02.
3M (NYSE:MMM) last released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS. analysts forecast that 3M Co will post 10.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.36 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.29%. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is currently 68.69%.
In other 3M news, VP Ippocratis Vrohidis sold 225 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $249.68, for a total value of $56,178.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Inge G. Thulin sold 35,236 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total value of $8,849,169.04. Following the completion of the transaction, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,806 shares of company stock worth $13,162,628. Corporate insiders own 0.58% of the company’s stock.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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