Patriot Wealth Management Inc. Has $5,968,000 Position in 3M Co. (MMM)
Patriot Wealth Management Inc. decreased its position in shares of 3M Co. (NYSE:MMM) by 3.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 33,863 shares of the company’s stock after selling 1,030 shares during the period. Patriot Wealth Management Inc.’s holdings in 3M were worth $5,968,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Joel Isaacson & Co. LLC boosted its position in 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock worth $1,326,000 after buying an additional 3,464 shares during the period. Retirement Systems of Alabama boosted its position in 3M by 21.8% in the second quarter. Retirement Systems of Alabama now owns 481,728 shares of the company’s stock worth $84,360,000 after buying an additional 86,323 shares during the period. Capstone Asset Management Co. increased its stake in shares of 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock worth $25,319,000 after buying an additional 2,879 shares in the last quarter. S&CO Inc. increased its stake in shares of 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock worth $11,982,000 after buying an additional 800 shares in the last quarter. Finally, CIBC World Markets Inc. increased its stake in shares of 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock worth $14,345,000 after buying an additional 3,988 shares in the last quarter. Institutional investors own 63.36% of the company’s stock.
3M Co. (NYSE:MMM) traded down 0.57% during midday trading on Monday, reaching $172.50. 1,674,618 shares of the company’s stock traded hands. The firm’s 50-day moving average is $170.01 and its 200-day moving average is $173.79. The company has a market capitalization of $103.75 billion, a price-to-earnings ratio of 21.75 and a beta of 1.04. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings data 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. The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.72 billion. 3M had a net margin of 16.40% and a return on equity of 42.27%. The company’s revenue was up .0% compared to the same quarter last year. During the same period last year, the firm posted $2.05 earnings per share. Analysts forecast that 3M Co. will post $8.17 earnings per share for the current year.
The firm 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 $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Wednesday, November 16th. 3M’s dividend payout ratio is currently 55.92%.
MMM has been the topic of a number of research reports. Jefferies Group reiterated a “buy” rating on shares of 3M in a report on Thursday, August 4th. Morgan Stanley reiterated a “sell” rating and issued a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Deutsche Bank AG reiterated a “hold” rating and issued a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Credit Suisse Group AG lifted their price target on shares of 3M from $186.00 to $195.00 and gave the company an “outperform” rating in a report on Wednesday, September 7th. Finally, Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $170.80.
In other news, VP Eric D. Hammes sold 504 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $173.69, for a total value of $87,539.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Julie L. Bushman sold 10,424 shares of the firm’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $173.02, for a total transaction of $1,803,560.48. Following the completion of the transaction, 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 currently owned by insiders.
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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