3M Company (MMM) Position Lifted by Wealthfront Inc.
Wealthfront Inc. increased its holdings in shares of 3M Company (NYSE:MMM) by 17.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,283 shares of the conglomerate’s stock after acquiring an additional 3,365 shares during the quarter. Wealthfront Inc.’s holdings in 3M were worth $4,639,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Abbot Financial Management Inc. acquired a new position in shares of 3M during the 2nd quarter worth approximately $2,572,000. UBS Asset Management Americas Inc. increased its holdings in shares of 3M by 4.9% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,916,848 shares of the conglomerate’s stock worth $399,069,000 after acquiring an additional 89,307 shares during the last quarter. Sandy Spring Bank increased its holdings in shares of 3M by 0.4% during the 2nd quarter. Sandy Spring Bank now owns 39,025 shares of the conglomerate’s stock worth $8,125,000 after acquiring an additional 172 shares during the last quarter. Formidable Asset Management LLC increased its holdings in shares of 3M by 2.8% during the 2nd quarter. Formidable Asset Management LLC now owns 5,211 shares of the conglomerate’s stock worth $1,085,000 after acquiring an additional 142 shares during the last quarter. Finally, Nationwide Fund Advisors increased its holdings in shares of 3M by 3.5% during the 2nd quarter. Nationwide Fund Advisors now owns 227,929 shares of the conglomerate’s stock worth $47,453,000 after acquiring an additional 7,805 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on MMM shares. Citigroup Inc. reissued 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. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Morgan Stanley reissued an “underweight” rating and set a $191.00 target price (down from $193.00) on shares of 3M in a report on Monday, July 10th. Stifel Nicolaus reissued a “hold” rating and set a $210.00 target price on shares of 3M in a report on Friday, July 28th. Finally, Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Three equities research 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’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $207.35.
In other news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. Insiders sold 9,112 shares of company stock valued at $1,878,890 over the last three months. Company insiders own 0.58% of the company’s stock.
Shares of 3M Company (NYSE:MMM) opened at 209.90 on Friday. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.65. The company has a market capitalization of $125.26 billion, a P/E ratio of 23.94 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 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 firm had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the prior year, the business earned $2.08 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities analysts expect that 3M Company will post $8.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio is currently 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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