3M Company (MMM) Position Maintained by Grassi Investment Management
Grassi Investment Management held its stake in 3M Company (NYSE:MMM) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 43,290 shares of the conglomerate’s stock at the end of the second quarter. 3M comprises about 1.6% of Grassi Investment Management’s holdings, making the stock its 14th largest position. Grassi Investment Management’s holdings in 3M were worth $9,013,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. increased its stake in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. Founders Capital Management LLC increased its stake in 3M by 0.4% in the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock worth $371,000 after buying an additional 8 shares in the last quarter. Baystate Wealth Management LLC increased its stake in 3M by 0.6% in the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock worth $370,000 after buying an additional 11 shares in the last quarter. Capital Management Corp VA increased its stake in 3M by 0.3% in the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock worth $753,000 after buying an additional 11 shares in the last quarter. Finally, Smith Chas P & Associates PA Cpas increased its stake in 3M by 0.7% in the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock worth $374,000 after buying an additional 13 shares in the last quarter. 65.71% of the stock is currently owned by hedge funds and other institutional investors.
3M Company (NYSE MMM) traded down 0.89% during trading on Friday, reaching $203.53. 1,838,640 shares of the company’s stock traded hands. The firm has a market cap of $121.46 billion, a price-to-earnings ratio of 23.22 and a beta of 1.08. 3M Company has a one year low of $163.85 and a one year high of $214.57. The company has a 50 day moving average of $207.30 and a 200 day moving average of $197.49.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. 3M’s revenue was up 1.9% on a year-over-year basis. Equities research analysts predict that 3M Company will post $8.94 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be paid a dividend of $1.175 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.31%. 3M’s payout ratio is 53.59%.
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A number of analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of 3M from $178.00 to $193.00 and gave the stock an “underweight” rating in a research report on Friday, June 9th. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a research report on Monday, June 19th. Stifel Nicolaus reissued a “hold” rating and set a $202.00 price objective on shares of 3M in a research report on Wednesday, July 19th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $209.00 price objective (down from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $203.40.
In other news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the sale, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock worth $1,878,890 in the last 90 days. Insiders own 0.58% of the company’s stock.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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