Angeles Investment Advisors LLC trimmed its holdings in 3M (NYSE:MMM) by 14.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,450 shares of the conglomerate’s stock after selling 250 shares during the period. Angeles Investment Advisors LLC’s holdings in 3M were worth $279,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in MMM. IronBridge Private Wealth LLC purchased a new position in 3M during the fourth quarter worth about $26,000. Goodwin Investment Advisory acquired a new position in 3M during the first quarter worth about $33,000. Better Money Decisions LLC acquired a new position in 3M during the first quarter worth about $38,000. Lederer & Associates Investment Counsel CA acquired a new stake in shares of 3M in the first quarter valued at approximately $52,000. Finally, Tacita Capital Inc acquired a new stake in shares of 3M in the fourth quarter valued at approximately $71,000. 66.59% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on MMM shares. Barclays upped their price objective on shares of 3M from $163.00 to $180.00 and gave the company an “underweight” rating in a research note on Tuesday, April 6th. Morgan Stanley raised their target price on shares of 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a research note on Monday, April 12th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 price target for the company in a report on Thursday, April 29th. Royal Bank of Canada raised their price objective on shares of 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 28th. Finally, Wolfe Research lowered shares of 3M from a “peer perform” rating to an “underperform” rating and decreased their price target for the company from $218.00 to $215.00 in a report on Monday, July 12th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. 3M presently has a consensus rating of “Hold” and an average price target of $195.17.
3M (NYSE:MMM) last posted its earnings results on Monday, April 26th. The conglomerate reported $2.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.48. 3M had a net margin of 17.34% and a return on equity of 44.00%. The firm had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same period in the previous year, the company earned $2.16 earnings per share. The company’s revenue was up 9.6% compared to the same quarter last year. On average, sell-side analysts expect that 3M will post 9.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Saturday, June 12th. Investors of record on Friday, May 21st were paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 2.98%. The ex-dividend date was Thursday, May 20th. 3M’s payout ratio is currently 67.73%.
In related news, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction on Friday, April 30th. The shares were sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the completion of the transaction, the vice president now directly owns 47,872 shares in the company, valued at approximately $9,500,677.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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