Chilton Investment Co. LLC Has $8.55 Million Position in 3M Company (MMM)
Chilton Investment Co. LLC boosted its stake in shares of 3M Company (NYSE:MMM) by 0.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,061 shares of the conglomerate’s stock after purchasing an additional 294 shares during the quarter. Chilton Investment Co. LLC’s holdings in 3M were worth $8,548,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in MMM. Bank of New York Mellon Corp boosted its position in 3M by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after acquiring an additional 300,345 shares during the period. First Eagle Investment Management LLC boosted its position in 3M by 3.9% during the 1st quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after acquiring an additional 167,491 shares during the period. Ameriprise Financial Inc. boosted its position in 3M by 0.3% during the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after acquiring an additional 8,239 shares during the period. American Century Companies Inc. boosted its position in 3M by 37.1% during the 1st quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after acquiring an additional 852,262 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in 3M by 3.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after acquiring an additional 92,789 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.
Shares of 3M Company (NYSE:MMM) opened at 210.76 on Monday. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.65. The firm has a market capitalization of $125.77 billion, a price-to-earnings ratio of 24.04 and a beta of 1.08. The stock’s 50 day moving average price is $206.16 and its 200-day moving average price is $201.42.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the prior year, the business earned $2.08 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts predict that 3M Company will post $8.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were given a $1.175 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.23%. 3M’s dividend payout ratio is currently 53.59%.
In other 3M 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 transaction of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 over the last 90 days. 0.58% of the stock is owned by corporate insiders.
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MMM has been the subject of a number of analyst reports. Citigroup Inc. reiterated a “buy” rating and set a $229.00 price target (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Bank of America Corporation reiterated 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. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $237.00 price target for the company in a research report on Monday, June 19th. Jefferies Group LLC reiterated a “buy” rating and set a $234.00 price target on shares of 3M in a research report on Thursday, June 1st. Finally, Morgan Stanley reiterated an “underweight” rating and set a $191.00 price target (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $207.35.
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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