Neville Rodie & Shaw Inc. Sells 324 Shares of 3M Company (MMM)
Neville Rodie & Shaw Inc. decreased its position in shares of 3M Company (NYSE:MMM) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,721 shares of the conglomerate’s stock after selling 324 shares during the quarter. Neville Rodie & Shaw Inc.’s holdings in 3M were worth $5,771,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Proficio Capital Partners LLC boosted its position in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after acquiring an additional 404 shares during the last quarter. Jackson Grant Investment Advisers Inc. boosted its position 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 acquiring an additional 4 shares during the last quarter. One Capital Management LLC acquired a new position in shares of 3M during the 1st quarter valued at about $202,000. FDO Partners LLC acquired a new position in shares of 3M during the 1st quarter valued at about $203,000. Finally, SRS Capital Advisors Inc. boosted its position 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 acquiring an additional 318 shares during the last quarter. 66.31% of the stock is currently owned by hedge funds and other institutional investors.
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Several research analysts have recently weighed in on the stock. Royal Bank Of Canada reissued a “hold” rating and set a $209.00 price target on shares of 3M in a research report on Friday. Jefferies Group LLC reissued a “buy” rating and set a $234.00 price target on shares of 3M in a research report on Wednesday, August 16th. BidaskClub cut shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research raised 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. Finally, Bank of America Corporation reissued a “buy” rating and set a $225.00 price target (up previously from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $206.85.
In other news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was 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 approximately $1,856,330.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the transaction, the insider now directly owns 5,503 shares in the company, valued at $1,134,498.48. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock valued at $1,878,890 in the last 90 days. 0.58% of the stock is owned by company insiders.
Shares of 3M Company (NYSE:MMM) traded up 0.91% during mid-day trading on Friday, hitting $213.35. 3,636,437 shares of the stock traded hands. The stock has a 50 day moving average price of $205.40 and a 200-day moving average price of $200.88. 3M Company has a one year low of $163.85 and a one year high of $214.57. The company has a market cap of $127.32 billion, a P/E ratio of 24.34 and a beta of 1.08.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.01). The business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.08 EPS. On average, analysts forecast that 3M Company will post $8.94 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were issued a $1.175 dividend. This represents a $4.70 annualized dividend and a yield of 2.20%. The ex-dividend date was Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is 53.59%.
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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