Harding Loevner LP Lowers Position in 3M Co. (MMM)
Harding Loevner LP decreased its stake in shares of 3M Co. (NYSE:MMM) by 31.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 656,608 shares of the company’s stock after selling 294,527 shares during the period. Harding Loevner LP owned 0.11% of 3M worth $115,714,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. Advisory Services Network LLC raised its stake in 3M by 0.4% in the third quarter. Advisory Services Network LLC now owns 7,022 shares of the company’s stock worth $1,237,000 after buying an additional 29 shares in the last quarter. Trust Co. of Oklahoma raised its stake in 3M by 2.6% in the third quarter. Trust Co. of Oklahoma now owns 7,967 shares of the company’s stock worth $1,404,000 after buying an additional 205 shares in the last quarter. Nadler Financial Group Inc. raised its stake in 3M by 1.9% in the third quarter. Nadler Financial Group Inc. now owns 3,421 shares of the company’s stock worth $603,000 after buying an additional 65 shares in the last quarter. Catawba Capital Management VA raised its stake in 3M by 5.4% in the third quarter. Catawba Capital Management VA now owns 23,290 shares of the company’s stock worth $4,104,000 after buying an additional 1,185 shares in the last quarter. Finally, Independence Advisors LLC raised its stake in 3M by 10.2% in the third quarter. Independence Advisors LLC now owns 1,275 shares of the company’s stock worth $225,000 after buying an additional 118 shares in the last quarter. Institutional investors own 63.36% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) opened at 172.77 on Wednesday. The stock has a 50 day moving average of $170.04 and a 200 day moving average of $173.87. 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 $103.92 billion, a P/E ratio of 21.78 and a beta of 1.04.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.72 billion. During the same quarter in the prior year, the business posted $2.05 EPS. The business’s revenue was up .0% compared to the same quarter last year. Equities analysts forecast that 3M Co. will post $8.17 earnings per share for the current year.
The business also recently disclosed 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. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Wednesday, November 16th. 3M’s dividend payout ratio is currently 55.92%.
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A number of analysts have commented on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Tuesday. Jefferies Group reaffirmed a “buy” rating and set a $210.00 price objective (up from $200.00) on shares of 3M in a research note on Monday. RBC Capital Markets reissued an “underperform” rating and issued a $155.00 price target (down from $159.00) on shares of 3M in a research report on Wednesday, October 26th. Deutsche Bank AG reissued a “hold” rating and issued a $164.00 price target on shares of 3M in a research report on Thursday, August 25th. Finally, Morgan Stanley reissued a “sell” rating and issued a $168.00 price target on shares of 3M in a research report on Tuesday, August 23rd. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $170.80.
In related news, insider Julie L. Bushman sold 10,424 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 32,717 shares of the company’s stock, valued at approximately $5,660,695.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Eric D. Hammes sold 504 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $173.69, for a total value of $87,539.76. The disclosure for this sale can be found here. 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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