3M Company (MMM) Shares Sold by Smithfield Trust Co.
Smithfield Trust Co. lowered its position in 3M Company (NYSE:MMM) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,334 shares of the conglomerate’s stock after selling 30 shares during the period. Smithfield Trust Co.’s holdings in 3M were worth $3,609,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Peoples Financial Services CORP. boosted its stake in 3M by 7.7% in the first quarter. Peoples Financial Services CORP. now owns 12,952 shares of the conglomerate’s stock worth $2,478,000 after buying an additional 921 shares during the last quarter. American Research & Management Co. boosted its stake in 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock worth $179,000 after buying an additional 70 shares during the last quarter. CHICAGO TRUST Co NA boosted its stake in 3M by 4.1% in the first quarter. CHICAGO TRUST Co NA now owns 22,674 shares of the conglomerate’s stock worth $4,338,000 after buying an additional 893 shares during the last quarter. Viking Fund Management LLC boosted its stake in 3M by 31.6% in the first quarter. Viking Fund Management LLC now owns 12,500 shares of the conglomerate’s stock worth $2,392,000 after buying an additional 3,000 shares during the last quarter. Finally, Cribstone Capital Management LLC boosted its stake in 3M by 29.4% in the first quarter. Cribstone Capital Management LLC now owns 3,018 shares of the conglomerate’s stock worth $573,000 after buying an additional 685 shares during the last quarter. 65.71% of the stock is owned by hedge funds and other institutional investors.
3M Company (NYSE:MMM) opened at 202.13 on Friday. The company has a 50-day moving average of $206.57 and a 200 day moving average of $198.51. 3M Company has a one year low of $163.85 and a one year high of $214.57. The firm has a market capitalization of $120.62 billion, a price-to-earnings ratio of 23.06 and a beta of 1.08.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business posted $2.08 earnings per share. On average, analysts anticipate 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. Shareholders of record on Friday, August 25th will be paid a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is presently 53.59%.
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A number of research firms recently weighed in on MMM. Jefferies Group LLC reissued a “buy” rating and issued a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. BidaskClub cut shares of 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a research note on Friday, May 26th. Bank of America Corporation reissued a “buy” rating and issued a $225.00 target price (up previously from $208.00) on shares of 3M in a research note on Tuesday, June 6th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $190.00 target price (down previously from $191.00) on shares of 3M in a research note on Wednesday, July 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $206.68.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, the insider now owns 9,010 shares in the company, valued at $1,856,330.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the firm’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 transaction, 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 over the last three months. 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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