Groesbeck Investment Management Corp NJ Continues to Hold Position in 3M Company (MMM)
Groesbeck Investment Management Corp NJ held its position in shares of 3M Company (NYSE:MMM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,250 shares of the conglomerate’s stock at the end of the 2nd quarter. Groesbeck Investment Management Corp NJ’s holdings in 3M were worth $260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also bought and sold shares of MMM. Capital Investment Counsel Inc grew its position in 3M by 7.0% in the first quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock worth $553,000 after acquiring an additional 189 shares in the last quarter. Courier Capital LLC grew its position in 3M by 5.1% in the first quarter. Courier Capital LLC now owns 29,883 shares of the conglomerate’s stock worth $5,718,000 after acquiring an additional 1,446 shares in the last quarter. Granite Investment Advisors LLC grew its position in 3M by 4.1% in the first quarter. Granite Investment Advisors LLC now owns 5,721 shares of the conglomerate’s stock worth $1,095,000 after acquiring an additional 223 shares in the last quarter. Ledyard National Bank grew its position in 3M by 29.1% in the first quarter. Ledyard National Bank now owns 33,412 shares of the conglomerate’s stock worth $6,393,000 after acquiring an additional 7,537 shares in the last quarter. Finally, Round Table Services LLC grew its position in 3M by 2.6% in the first quarter. Round Table Services LLC now owns 3,421 shares of the conglomerate’s stock worth $655,000 after acquiring an additional 88 shares in the last quarter. 66.31% of the stock is owned by institutional investors.
In other 3M news, VP Eric D. Hammes sold 1,428 shares of 3M 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 of the company’s stock, valued at $633,619.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction 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 transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,112 shares of company stock valued at $1,878,890. Company insiders own 0.58% of the company’s stock.
3M Company (NYSE MMM) opened at 209.56 on Tuesday. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The firm has a market capitalization of $125.06 billion, a PE ratio of 23.90 and a beta of 1.08. The company’s 50-day moving average is $204.24 and its 200 day moving average is $200.33.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm had revenue of $7.81 billion during 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. 3M’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities analysts expect that 3M Company will post $8.94 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders 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 2.24%. 3M’s dividend payout ratio (DPR) is 53.59%.
MMM has been the subject of several recent research reports. Citigroup Inc. reissued 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. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 price objective (down from $193.00) on shares of 3M in a report on Monday, July 10th. Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Finally, Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $206.68.
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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