3M Co. (MMM) Shares Bought by Zurich Insurance Group Ltd FI
Zurich Insurance Group Ltd FI raised its position in 3M Co. (NYSE:MMM) by 8.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 128,112 shares of the company’s stock after buying an additional 9,463 shares during the period. Zurich Insurance Group Ltd FI’s holdings in 3M were worth $22,435,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of MMM. Allen Investment Management LLC raised its stake in shares of 3M by 3.4% in the second quarter. Allen Investment Management LLC now owns 21,019 shares of the company’s stock worth $3,681,000 after buying an additional 694 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of 3M by 36.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 901,343 shares of the company’s stock worth $157,843,000 after buying an additional 240,172 shares during the last quarter. Archford Capital Strategies LLC raised its stake in shares of 3M by 2.6% in the second quarter. Archford Capital Strategies LLC now owns 6,475 shares of the company’s stock worth $1,134,000 after buying an additional 163 shares during the last quarter. Guggenheim Capital LLC raised its stake in shares of 3M by 8.8% in the second quarter. Guggenheim Capital LLC now owns 454,658 shares of the company’s stock worth $79,620,000 after buying an additional 36,868 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA raised its stake in shares of 3M by 22.0% in the second quarter. Compagnie Lombard Odier SCmA now owns 51,040 shares of the company’s stock worth $8,941,000 after buying an additional 9,190 shares during the last quarter. 65.68% of the stock is currently owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded up 0.46% during midday trading on Friday, reaching $175.08. The company’s stock had a trading volume of 1,868,162 shares. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27. The firm has a market capitalization of $105.30 billion, a PE ratio of 22.08 and a beta of 1.04. The stock has a 50 day moving average of $170.72 and a 200 day moving average of $173.43.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.01. The company earned $7.70 billion during the quarter, compared to the consensus estimate of $7.72 billion. 3M had a return on equity of 42.27% and a net margin of 16.40%. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.05 EPS. On average, equities research analysts predict that 3M Co. will post $8.18 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be paid a dividend of $1.11 per share. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $4.44 annualized dividend and a dividend yield of 2.54%. 3M’s dividend payout ratio (DPR) is presently 55.92%.
A number of analysts have issued reports on the company. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research note on Friday, October 28th. RBC Capital Markets reaffirmed an “underperform” rating and issued a $155.00 price objective (down from $159.00) on shares of 3M in a research note on Wednesday, October 26th. Royal Bank Of Canada reduced their price objective on 3M from $159.00 to $155.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 26th. Barclays PLC raised 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $171.00 to $194.00 in a research note on Monday, October 24th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and issued a $195.00 price objective on shares of 3M in a research note on Friday, September 16th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. 3M has a consensus rating of “Hold” and a consensus target price of $170.19.
In other news, insider Julie L. Bushman sold 10,771 shares of the company’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the completion of the sale, the insider now owns 34,093 shares in the company, valued at approximately $5,683,644.03. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.58% of the company’s stock.
3M Company Profile
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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