3M Company (MMM) Stake Held by Wedgewood Investors Inc. PA
Wedgewood Investors Inc. PA maintained its position in shares of 3M Company (NYSE:MMM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,175 shares of the conglomerate’s stock at the end of the second quarter. 3M comprises about 1.1% of Wedgewood Investors Inc. PA’s holdings, making the stock its 25th largest position. Wedgewood Investors Inc. PA’s holdings in 3M were worth $1,286,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Howard Capital Management increased its position in shares of 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock worth $1,258,000 after buying an additional 90 shares in the last quarter. Arvest Bank Trust Division increased its position in shares of 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock worth $448,000 after buying an additional 244 shares in the last quarter. Loeb Partners Corp increased its position in shares of 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock worth $1,646,000 after buying an additional 5,000 shares in the last quarter. TRUE Private Wealth Advisors increased its position in shares of 3M by 16.6% in the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock worth $489,000 after buying an additional 367 shares in the last quarter. Finally, Personal Capital Advisors Corp increased its position in shares of 3M by 10.4% in the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock worth $29,982,000 after buying an additional 14,830 shares in the last quarter. 65.71% of the stock is owned by hedge funds and other institutional investors.
Shares of 3M Company (MMM) opened at 202.13 on Friday. The stock’s 50 day moving average price is $206.57 and its 200-day moving average price is $198.51. The firm has a market capitalization of $120.62 billion, a PE ratio of 23.06 and a beta of 1.08. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ 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 the consensus estimate of $7.86 billion. During the same period in the prior year, the business posted $2.08 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities analysts anticipate that 3M Company will post $8.94 earnings per share for the current fiscal year.
The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.33%. 3M’s dividend payout ratio is presently 53.59%.
A number of research firms have commented on MMM. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 target price (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Jefferies Group LLC reaffirmed a “buy” rating and set a $219.00 target price on shares of 3M in a report on Friday, May 26th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a report on Friday, May 26th. BidaskClub downgraded 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $191.00 target price (up previously from $187.00) on shares of 3M in a report on Saturday, April 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average price target of $206.68.
In other news, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock worth $1,878,890 over the last ninety days. 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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