3M Company (MMM) Holdings Maintained by Adell Harriman & Carpenter Inc.
Adell Harriman & Carpenter Inc. held its stake in 3M Company (NYSE:MMM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,516 shares of the conglomerate’s stock at the end of the second quarter. Adell Harriman & Carpenter Inc.’s holdings in 3M were worth $316,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in MMM. Proficio Capital Partners LLC lifted its stake in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after purchasing an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. lifted its stake in shares of 3M by 0.6% in 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 during the period. One Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at about $202,000. FDO Partners LLC acquired a new position in shares of 3M in the 1st quarter valued at about $203,000. Finally, Ironwood Investment Management LLC acquired a new position in shares of 3M in the 2nd quarter valued at about $203,000. 66.31% of the stock is currently owned by institutional investors.
3M Company (NYSE:MMM) opened at 209.64 on Wednesday. The company’s 50-day moving average price is $204.39 and its 200-day moving average price is $200.39. 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 $125.11 billion, a P/E ratio of 23.91 and a beta of 1.08.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share 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 net margin of 17.65% and a return on equity of 47.83%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.08 earnings per share. Equities research analysts expect that 3M Company will post $8.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a dividend of $1.175 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a yield of 2.24%. 3M’s payout ratio is 53.59%.
In other 3M news, insider Paul A. Keel sold 4,965 shares of 3M 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 sale, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of 3M 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 sale, 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. Over the last ninety days, insiders have sold 9,112 shares of company stock worth $1,878,890. Insiders own 0.58% of the company’s stock.
MMM has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Jefferies Group LLC reissued a “buy” rating and issued a $219.00 price objective on shares of 3M in a research note on Friday, May 26th. Citigroup Inc. reissued a “buy” rating and issued a $229.00 price objective (up from $220.00) on shares of 3M in a research note on Saturday, June 3rd. Bank of America Corporation reissued a “buy” rating and issued a $225.00 price objective (up from $208.00) on shares of 3M in a research note on Tuesday, June 6th. Finally, Morgan Stanley boosted their price objective on 3M from $178.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, June 9th. Two equities 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. The stock has an average rating of “Hold” and a consensus target price of $206.68.
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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