Shell Asset Management Co. Has $32,274,000 Stake in 3M Co. (MMM)
Shell Asset Management Co. increased its position in 3M Co. (NYSE:MMM) by 14.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 184,294 shares of the company’s stock after buying an additional 23,530 shares during the period. 3M comprises approximately 0.7% of Shell Asset Management Co.’s portfolio, making the stock its 26th largest position. Shell Asset Management Co.’s holdings in 3M were worth $32,274,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Sanders Morris Harris Inc. bought a new stake in shares of 3M during the first quarter worth $419,000. Sii Investments Inc. WI boosted its stake in shares of 3M by 20.8% in the first quarter. Sii Investments Inc. WI now owns 19,310 shares of the company’s stock worth $3,209,000 after buying an additional 3,321 shares in the last quarter. Investment Centers of America Inc. boosted its stake in shares of 3M by 61.3% in the first quarter. Investment Centers of America Inc. now owns 23,295 shares of the company’s stock worth $3,873,000 after buying an additional 8,852 shares in the last quarter. Inspirion Wealth Advisors LLC bought a new stake in shares of 3M during the first quarter worth $316,000. Finally, Wade G W & Inc. boosted its stake in shares of 3M by 37.2% in the first quarter. Wade G W & Inc. now owns 59,543 shares of the company’s stock worth $9,922,000 after buying an additional 16,142 shares in the last quarter. 65.67% of the stock is owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.85% on Tuesday, hitting $169.68. The stock had a trading volume of 1,998,576 shares. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27. The firm has a market capitalization of $102.55 billion, a P/E ratio of 21.66 and a beta of 0.99. The company has a 50 day moving average of $177.18 and a 200-day moving average of $173.32.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The business earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same period last year, the business posted $2.02 EPS. 3M’s revenue was down .3% on a year-over-year basis. Equities analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were paid a $1.11 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.44 annualized dividend and a yield of 2.62%. 3M’s dividend payout ratio (DPR) is currently 56.63%.
A number of research firms have recently commented on MMM. Jefferies Group lifted their price objective on 3M from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. Credit Suisse Group AG lifted their price objective on 3M from $186.00 to $195.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 7th. Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 price objective on shares of 3M in a research note on Thursday, August 25th. Morgan Stanley reiterated a “sell” rating and issued a $168.00 price objective on shares of 3M in a research note on Tuesday, August 23rd. Finally, Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $167.11.
In other 3M news, insider Paul A. Keel sold 3,180 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $567,280.20. Following the completion of the sale, the insider now directly owns 9,961 shares in the company, valued at $1,776,942.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the sale, the vice president now owns 1,011 shares of the company’s stock, valued at $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate 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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