Cabot Wellington LLC Has $401,000 Stake in 3M Company (MMM)
Cabot Wellington LLC held its position in 3M Company (NYSE:MMM) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,030 shares of the conglomerate’s stock at the close of the first quarter. 3M accounts for approximately 0.2% of Cabot Wellington LLC’s investment portfolio, making the stock its 13th largest position. Cabot Wellington LLC’s holdings in 3M were worth $401,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in MMM. Jackson Grant Investment Advisers Inc. raised its holdings in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 4 shares in the last quarter. One Capital Management LLC bought a new position in shares of 3M during the 1st quarter valued at $202,000. FDO Partners LLC bought a new position in shares of 3M during the 1st quarter valued at $203,000. SRS Capital Advisors Inc. raised its holdings in shares of 3M by 42.3% during the 1st quarter. SRS Capital Advisors Inc. now owns 1,069 shares of the conglomerate’s stock valued at $204,000 after purchasing an additional 318 shares in the last quarter. Finally, Pegasus Partners Ltd. bought a new position in shares of 3M during the 1st quarter valued at $206,000. Institutional investors and hedge funds own 66.31% of the company’s stock.
3M Company (NYSE:MMM) traded up 0.18% during mid-day trading on Tuesday, reaching $209.94. 613,573 shares of the company’s stock traded hands. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The firm has a 50 day moving average of $204.24 and a 200 day moving average of $200.33. The firm has a market cap of $125.29 billion, a PE ratio of 23.95 and a beta of 1.08.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The firm had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company posted $2.08 earnings per share. Analysts forecast that 3M Company will post $8.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a $1.175 dividend. This represents a $4.70 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Wednesday, August 23rd. 3M’s payout ratio is presently 53.59%.
A number of research analysts have recently weighed in on the stock. Jefferies Group LLC restated a “buy” rating and set a $234.00 price target on shares of 3M in a report on Wednesday, August 16th. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Stifel Nicolaus restated a “hold” rating and set a $210.00 price target on shares of 3M in a report on Friday, July 28th. Royal Bank Of Canada restated a “sector perform” rating and set a $209.00 price target (down previously from $210.00) on shares of 3M in a report on Wednesday, July 26th. Finally, William Blair restated an “outperform” rating on shares of 3M in a report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $206.68.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction dated 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 directly owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Insiders 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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