Lowe Brockenbrough & Co. Inc. Acquires 34 Shares of 3M Company (MMM)
Lowe Brockenbrough & Co. Inc. grew its holdings in 3M Company (NYSE:MMM) by 0.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,509 shares of the conglomerate’s stock after acquiring an additional 34 shares during the period. 3M accounts for 1.4% of Lowe Brockenbrough & Co. Inc.’s portfolio, making the stock its 21st largest holding. Lowe Brockenbrough & Co. Inc.’s holdings in 3M were worth $8,707,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Jackson Grant Investment Advisers Inc. raised 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 acquiring an additional 4 shares during the period. Founders Capital Management LLC raised its position in 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 acquiring an additional 8 shares during the period. Baystate Wealth Management LLC raised its position in 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 acquiring an additional 11 shares during the period. Capital Management Corp VA raised its position in 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 acquiring an additional 11 shares during the period. Finally, Smith Chas P & Associates PA Cpas raised its position in 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 acquiring an additional 13 shares during the period. Institutional investors and hedge funds own 66.31% of the company’s stock.
In other news, VP Eric D. Hammes sold 1,428 shares of the company’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 sale, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul A. Keel sold 4,965 shares of the company’s 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 sale, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock valued at $1,878,890 in the last ninety days. Insiders own 0.58% of the company’s stock.
Several research analysts have weighed in on MMM shares. Morgan Stanley reiterated an “underweight” rating and issued a $191.00 price target (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 price target on the stock in a research report on Friday, May 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $219.00 price target on shares of 3M in a research report on Friday, May 26th. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $206.68.
3M Company (MMM) traded down 0.19% during trading on Wednesday, reaching $209.24. 406,398 shares of the company traded hands. The firm has a 50-day moving average price of $204.39 and a 200-day moving average price of $200.39. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The company has a market capitalization of $124.87 billion, a P/E ratio of 23.87 and a beta of 1.08.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the previous year, the company earned $2.08 EPS. 3M’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts forecast that 3M Company will post $8.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were issued a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Wednesday, August 23rd. 3M’s payout ratio is 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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