Evercore Wealth Management LLC Has $36,552,000 Position in 3M Co. (MMM)
Evercore Wealth Management LLC decreased its position in shares of 3M Co. (NYSE:MMM) by 0.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 208,727 shares of the company’s stock after selling 1,702 shares during the period. 3M accounts for 1.6% of Evercore Wealth Management LLC’s portfolio, making the stock its 22nd largest position. Evercore Wealth Management LLC’s holdings in 3M were worth $36,552,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Cable Hill Partners LLC boosted its stake in 3M by 5.0% in the second quarter. Cable Hill Partners LLC now owns 583 shares of the company’s stock worth $103,000 after buying an additional 28 shares during the period. Reilly Financial Advisors LLC raised its position in shares of 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares in the last quarter. CenturyLink Investment Management Co bought a new position in shares of 3M during the second quarter worth $116,000. Jackson Grant Investment Advisers Inc. raised its position in shares of 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares in the last quarter. Finally, Cascade Investment Advisors Inc. bought a new position in shares of 3M during the second quarter worth $125,000. Hedge funds and other institutional investors own 65.68% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) opened at 175.08 on Friday. The company has a 50-day moving average of $170.72 and a 200 day moving average of $173.43. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27. The firm has a market cap of $105.30 billion, a P/E ratio of 22.08 and a beta of 1.04.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.01. 3M had a net margin of 16.40% and a return on equity of 42.27%. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.72 billion. During the same period in the prior year, the business posted $2.05 earnings per share. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. Equities research analysts anticipate that 3M Co. will post $8.17 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Friday, November 18th will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Wednesday, November 16th. 3M’s dividend payout ratio (DPR) is presently 55.92%.
MMM has been the topic of a number of research reports. Credit Suisse Group AG raised their price target on shares of 3M from $186.00 to $195.00 and gave the company an “outperform” rating in a research note on Wednesday, September 7th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $164.00 price target on shares of 3M in a research note on Thursday, August 25th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 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. Four equities 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. The company currently has an average rating of “Hold” and an average price target of $170.19.
In other 3M news, insider Julie L. Bushman sold 10,771 shares of the company’s stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $166.71, for a total value of $1,795,633.41. Following the sale, the insider now owns 34,093 shares of the company’s stock, valued at $5,683,644.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.58% of the stock is currently owned by company 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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