3M Company (MMM) Position Increased by Eagle Asset Management Inc.
Eagle Asset Management Inc. increased its position in shares of 3M Company (NYSE:MMM) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 457,614 shares of the conglomerate’s stock after buying an additional 2,320 shares during the period. Eagle Asset Management Inc. owned approximately 0.08% of 3M worth $87,555,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. boosted its position 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 during the period. Founders Capital Management LLC boosted its position in shares of 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 during the last quarter. Baystate Wealth Management LLC boosted its position in shares of 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 during the last quarter. Capital Management Corp VA boosted its position in shares of 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 during the last quarter. Finally, Smith Chas P & Associates PA Cpas boosted its position in shares of 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 during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.
3M Company (NYSE MMM) traded down 0.2353% during trading on Thursday, hitting $203.2108. The stock had a trading volume of 346,614 shares. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.57. The company has a market cap of $121.27 billion, a price-to-earnings ratio of 23.1791 and a beta of 1.08. The company has a 50-day moving average price of $206.57 and a 200-day moving average price of $198.51.
3M (NYSE:MMM) last posted its quarterly earnings data 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 company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the previous year, the firm posted $2.08 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Equities research analysts forecast that 3M Company will post $8.94 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be given 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 yield of 2.31%. 3M’s dividend payout ratio is presently 53.59%.
MMM has been the subject of a number of recent research reports. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $219.00 target price on shares of 3M in a report on Friday, May 26th. Citigroup Inc. reaffirmed a “buy” rating and issued a $229.00 target price (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. Bank of America Corporation reaffirmed a “buy” rating and issued a $225.00 target price (up previously from $208.00) on shares of 3M in a report on Tuesday, June 6th. Finally, Morgan Stanley upped their target price on 3M from $178.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, June 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $206.68.
In related news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock valued at $1,878,890 over the last 90 days. 0.58% of the stock is currently owned by insiders.
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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