Eagle Ridge Investment Management Boosts Stake in 3M Co (NYSE:MMM)

Eagle Ridge Investment Management raised its position in 3M Co (NYSE:MMM) by 2.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,158 shares of the conglomerate’s stock after buying an additional 1,144 shares during the period. 3M accounts for 1.3% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 27th biggest holding. Eagle Ridge Investment Management’s holdings in 3M were worth $8,868,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Creative Financial Designs Inc. ADV boosted its holdings in 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after buying an additional 101 shares during the period. Weaver Consulting Group bought a new position in 3M in the 1st quarter worth approximately $32,000. Cordasco Financial Network boosted its holdings in 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after buying an additional 110 shares during the period. Capital Financial Planning LLC bought a new position in 3M in the 4th quarter worth approximately $34,000. Finally, Arcus Capital Partners LLC bought a new position in 3M in the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 67.55% of the company’s stock.

In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction on Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the completion of the transaction, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.

Several research firms recently commented on MMM. Wolfe Research set a $174.00 price objective on shares of 3M and gave the stock a “sell” rating in a report on Friday, April 26th. Gordon Haskett downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a report on Monday, April 29th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price target for the company in a report on Monday, July 29th. JPMorgan Chase & Co. cut their price target on shares of 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. Finally, Deutsche Bank cut their price target on shares of 3M from $188.00 to $183.00 and set a “hold” rating for the company in a report on Friday, April 26th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $182.54.

Shares of 3M stock traded down $0.77 on Thursday, hitting $158.04. 151,027 shares of the company traded hands, compared to its average volume of 3,092,303. The company’s 50-day simple moving average is $171.17. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $93.26 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.72 and a beta of 1.09. 3M Co has a 12-month low of $158.04 and a 12-month high of $219.75.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion for 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%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company posted $2.59 EPS. Research analysts forecast that 3M Co will post 9.29 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be given a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Thursday, August 15th. 3M’s dividend payout ratio (DPR) is currently 55.07%.

3M Profile

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.

Further Reading: Futures Contract

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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