Lee Danner & Bass Inc. Decreases Stake in 3M Company (MMM)
Lee Danner & Bass Inc. reduced its stake in 3M Company (NYSE:MMM) by 5.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,939 shares of the conglomerate’s stock after selling 656 shares during the period. Lee Danner & Bass Inc.’s holdings in 3M were worth $2,284,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. raised its position in shares of 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares during the last quarter. Swiss National Bank raised its position in shares of 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Pictet Asset Management Ltd. raised its position in shares of 3M by 22.3% in the first quarter. Pictet Asset Management Ltd. now owns 1,034,181 shares of the conglomerate’s stock valued at $197,870,000 after buying an additional 188,794 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of 3M by 386.1% in the first quarter. Canada Pension Plan Investment Board now owns 226,882 shares of the conglomerate’s stock valued at $43,409,000 after buying an additional 180,204 shares during the last quarter. 65.71% of the stock is currently owned by institutional investors.
3M Company (MMM) traded up 0.22% during mid-day trading on Monday, hitting $203.97. The stock had a trading volume of 182,387 shares. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The company has a market capitalization of $121.72 billion, a P/E ratio of 23.27 and a beta of 1.08. The stock’s 50-day moving average is $207.30 and its 200 day moving average is $197.49.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. The company’s revenue was up 1.9% on a year-over-year basis. Equities analysts forecast that 3M Company will post $8.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.
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Several research analysts have weighed in on MMM shares. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Stifel Nicolaus upped their target price on 3M from $190.00 to $202.00 and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $219.00 target price on shares of 3M in a research report on Friday, May 26th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $229.00 target price (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $203.40.
In other news, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the sale, the insider now owns 5,503 shares in the company, valued at $1,134,498.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,112 shares of company stock valued at $1,878,890. Corporate insiders own 0.58% of the company’s stock.
3M Company Profile
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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