Wealth Enhancement Advisory Services LLC grew its stake in 3M Co (NYSE:MMM) by 3.7% in the second quarter, HoldingsChannel.com reports. The fund owned 15,867 shares of the conglomerate’s stock after acquiring an additional 564 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in 3M were worth $2,805,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Creative Financial Designs Inc. ADV boosted its position in 3M by 202.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 101 shares during the last quarter. Weaver Consulting Group acquired a new position in 3M during the 1st quarter worth approximately $32,000. Cordasco Financial Network boosted its position in 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after acquiring an additional 110 shares during the last quarter. Capital Financial Planning LLC acquired a new position in 3M during the 4th quarter worth approximately $34,000. Finally, Arcus Capital Partners LLC acquired a new position in 3M during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 67.55% of the company’s stock.
In other 3M news, Director David B. Dillon purchased 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were acquired at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the purchase, the director now owns 1,200 shares in the company, valued at $203,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the sale, 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. Corporate insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.59 EPS. Equities research analysts expect 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 issued a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s payout ratio is presently 55.07%.
A number of research firms have weighed in on MMM. Bank of America reduced their price target on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Credit Suisse Group upped their price target on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Argus downgraded 3M from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Morgan Stanley increased their price objective on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Barclays reissued a “sell” rating and issued a $162.00 price objective on shares of 3M in a report on Thursday, June 6th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price 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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