3M Co. (MMM) Stake Raised by Catawba Capital Management VA
Catawba Capital Management VA increased its stake in 3M Co. (NYSE:MMM) by 5.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,290 shares of the company’s stock after buying an additional 1,185 shares during the period. Catawba Capital Management VA’s holdings in 3M were worth $4,104,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in MMM. Delphi Private Advisors LLC increased its stake in shares of 3M by 0.4% in the second quarter. Delphi Private Advisors LLC now owns 909 shares of the company’s stock valued at $159,000 after buying an additional 4 shares during the period. Landmark Financial Advisors LLC increased its stake in shares of 3M by 0.3% in the second quarter. Landmark Financial Advisors LLC now owns 1,868 shares of the company’s stock valued at $327,000 after buying an additional 5 shares during the period. Valley National Advisers Inc. increased its stake in shares of 3M by 0.3% in the second quarter. Valley National Advisers Inc. now owns 2,391 shares of the company’s stock valued at $419,000 after buying an additional 7 shares during the period. Founders Capital Management LLC increased its stake in shares of 3M by 0.4% in the second quarter. Founders Capital Management LLC now owns 1,916 shares of the company’s stock valued at $336,000 after buying an additional 8 shares during the period. Finally, Gilman Hill Asset Management LLC increased its stake in shares of 3M by 0.3% in the second quarter. Gilman Hill Asset Management LLC now owns 2,440 shares of the company’s stock valued at $427,000 after buying an additional 8 shares during the period. 63.36% of the stock is owned by institutional investors.
3M Co. (NYSE:MMM) traded down 0.57% during midday trading on Monday, hitting $172.50. The stock had a trading volume of 1,677,696 shares. The firm has a 50 day moving average of $170.01 and a 200 day moving average of $173.79. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27. The firm has a market cap of $103.75 billion, a price-to-earnings ratio of 21.75 and a beta of 1.04.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.72 billion. During the same period in the previous year, the firm earned $2.05 earnings per share. The business’s revenue was up .0% compared to the same quarter last year. Equities research analysts predict that 3M Co. will post $8.17 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Friday, November 18th will be paid a $1.11 dividend. The ex-dividend date is Wednesday, November 16th. This represents a $4.44 annualized dividend and a yield of 2.57%. 3M’s payout ratio is 55.92%.
Several brokerages have recently commented on MMM. Jefferies Group reaffirmed a “buy” rating and set a $210.00 price objective (up previously from $200.00) on shares of 3M in a research report on Monday. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Tuesday, November 15th. Barclays PLC upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $171.00 to $194.00 in a report on Monday, October 24th. RBC Capital Markets reiterated an “underperform” rating and issued a $155.00 target price (down from $159.00) on shares of 3M in a report on Wednesday, October 26th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus target price of $170.80.
In related news, VP Eric D. Hammes sold 504 shares of the company’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $173.69, for a total value of $87,539.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Julie L. Bushman sold 10,424 shares of the company’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $173.02, for a total value of $1,803,560.48. Following the completion of the sale, the insider now directly owns 32,717 shares in the company, valued at $5,660,695.34. The disclosure for this sale can be found here. 0.58% of the stock is 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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