Affiance Financial LLC trimmed its stake in 3M Co (NYSE:MMM) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,041 shares of the conglomerate’s stock after selling 371 shares during the period. 3M comprises about 1.9% of Affiance Financial LLC’s investment portfolio, making the stock its 11th largest position. Affiance Financial LLC’s holdings in 3M were worth $2,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently made changes to their positions in the business. IMS Capital Management acquired a new position in shares of 3M during the third quarter valued at $108,000. Price Capital Management Inc. acquired a new position in shares of 3M during the third quarter valued at $126,000. Psagot Investment House Ltd. acquired a new position in shares of 3M during the third quarter valued at $131,000. Vectors Research Management LLC acquired a new position in shares of 3M during the third quarter valued at $122,000. Finally, Arlington Partners LLC lifted its stake in shares of 3M by 177.8% during the fourth quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after acquiring an additional 400 shares during the period. Hedge funds and other institutional investors own 66.17% of the company’s stock.
Shares of 3M stock traded down $1.61 during trading hours on Friday, hitting $191.99. The company’s stock had a trading volume of 46,321 shares, compared to its average volume of 2,539,933. 3M Co has a 12 month low of $176.87 and a 12 month high of $259.77. The company has a market capitalization of $111.97 billion, a P/E ratio of 20.94, a price-to-earnings-growth ratio of 1.75 and a beta of 1.14. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 12th. Investors of record on Friday, November 23rd were issued a dividend of $1.36 per share. The ex-dividend date was Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.83%. 3M’s payout ratio is presently 59.32%.
3M declared that its board has authorized a share buyback plan on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
MMM has been the topic of several analyst reports. Argus cut their target price on 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Citigroup cut their target price on 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Gordon Haskett initiated coverage on 3M in a research note on Friday, October 12th. They issued a “buy” rating on the stock. Royal Bank of Canada reissued a “buy” rating and issued a $213.00 target price on shares of 3M in a research note on Wednesday, December 19th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $224.30.
In other news, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The stock was acquired 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 in the company, valued at $276,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is currently owned by company insiders.
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3M Company Profile
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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