3M Company (MMM) Position Raised by Financial Advisors Network Inc.
Financial Advisors Network Inc. boosted its position in 3M Company (NYSE:MMM) by 8.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 5,089 shares of the conglomerate’s stock after purchasing an additional 408 shares during the period. 3M comprises 0.9% of Financial Advisors Network Inc.’s holdings, making the stock its 23rd largest position. Financial Advisors Network Inc.’s holdings in 3M were worth $1,003,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Jackson Grant Investment Advisers Inc. lifted its position in 3M by 0.6% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares during the last quarter. One Capital Management LLC acquired a new stake in 3M during the first quarter worth approximately $202,000. FDO Partners LLC acquired a new stake in 3M during the first quarter worth approximately $203,000. SRS Capital Advisors Inc. lifted its position in 3M by 42.3% during the first quarter. SRS Capital Advisors Inc. now owns 1,069 shares of the conglomerate’s stock worth $204,000 after acquiring an additional 318 shares during the last quarter. Finally, Pegasus Partners Ltd. acquired a new stake in 3M during the first quarter worth approximately $206,000. Institutional investors and hedge funds own 66.31% of the company’s stock.
In related news, VP Eric D. Hammes sold 1,428 shares of the 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 transaction, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were 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 in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is owned by insiders.
MMM has been the subject of several research reports. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a research report on Monday, June 19th. Bank of America Corporation restated a “buy” rating and set a $225.00 price objective (up from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 target price (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $234.00 target price on shares of 3M in a report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $206.68.
Shares of 3M Company (NYSE MMM) traded down 0.21% during trading on Wednesday, hitting $209.20. 406,077 shares of the stock were exchanged. The firm has a market capitalization of $124.84 billion, a price-to-earnings ratio of 23.86 and a beta of 1.08. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The stock’s 50 day moving average price is $204.39 and its 200 day moving average price is $200.39.
3M (NYSE:MMM) last released its earnings results 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 net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the business posted $2.08 EPS. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts predict that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were issued a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Wednesday, August 23rd. 3M’s dividend payout ratio is currently 53.59%.
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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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