First Niagara Bank Cuts Stake in 3M Co. (MMM)
First Niagara Bank decreased its position in 3M Co. (NYSE:MMM) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,478 shares of the company’s stock after selling 710 shares during the period. 3M comprises 3.4% of First Niagara Bank’s holdings, making the stock its 3rd largest position. First Niagara Bank’s holdings in 3M were worth $11,992,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock worth $661,657,000 after buying an additional 381,798 shares during the period. 1832 Asset Management L.P. raised its position in 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock worth $136,753,000 after buying an additional 349,353 shares during the period. BlackRock Group LTD raised its position in 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock worth $831,988,000 after buying an additional 297,153 shares during the period. Geode Capital Management LLC raised its position in 3M by 5.0% in the first quarter. Geode Capital Management LLC now owns 5,330,612 shares of the company’s stock worth $886,575,000 after buying an additional 251,776 shares during the period. Finally, Virginia Retirement System bought a new position in 3M during the first quarter worth $37,256,000. 65.67% of the stock is currently owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.85% during midday trading on Tuesday, reaching $169.68. The company’s stock had a trading volume of 1,998,576 shares. The firm’s 50 day moving average is $177.18 and its 200 day moving average is $173.32. The firm has a market capitalization of $102.55 billion, a price-to-earnings ratio of 21.66 and a beta of 0.99. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. The business earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.02 earnings per share. Equities analysts forecast that 3M Co. will post $8.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio is currently 56.63%.
Several equities analysts have recently commented on MMM shares. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Finally, Morgan Stanley reaffirmed a “sell” rating and issued a $168.00 price target on shares of 3M in a research note on Tuesday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. 3M has an average rating of “Hold” and a consensus price target of $167.11.
In other news, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the completion of the sale, the vice president now owns 1,011 shares of the company’s stock, valued at $180,352.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the sale, the insider now directly owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is owned by insiders.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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