Nicholas Hoffman & Company LLC. Grows Holdings in 3M Company (MMM)
Nicholas Hoffman & Company LLC. raised its stake in 3M Company (NYSE:MMM) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,888 shares of the conglomerate’s stock after buying an additional 133 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in 3M were worth $809,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in MMM. Ironwood Investment Counsel LLC lifted its position in 3M by 5.0% in the 2nd quarter. Ironwood Investment Counsel LLC now owns 18,192 shares of the conglomerate’s stock worth $3,787,000 after buying an additional 863 shares in the last quarter. Harfst & Associates Inc. boosted its stake in shares of 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after buying an additional 100 shares during the period. Horizon Investments LLC grew its holdings in shares of 3M by 55.6% during the 2nd quarter. Horizon Investments LLC now owns 8,970 shares of the conglomerate’s stock valued at $1,763,000 after acquiring an additional 3,207 shares in the last quarter. Willis Investment Counsel grew its holdings in shares of 3M by 63.1% during the 2nd quarter. Willis Investment Counsel now owns 41,105 shares of the conglomerate’s stock valued at $8,558,000 after acquiring an additional 15,900 shares in the last quarter. Finally, Wealthfront Inc. grew its holdings in shares of 3M by 17.8% during the 2nd quarter. Wealthfront Inc. now owns 22,283 shares of the conglomerate’s stock valued at $4,639,000 after acquiring an additional 3,365 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.
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In related news, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $1,134,498.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Eric D. Hammes sold 1,428 shares of the firm’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 transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,112 shares of company stock worth $1,878,890. Company insiders own 0.58% of the company’s stock.
3M Company (NYSE MMM) opened at 209.90 on Monday. The stock has a 50 day moving average of $206.16 and a 200-day moving average of $201.42. The company has a market cap of $125.26 billion, a price-to-earnings ratio of 23.94 and a beta of 1.09. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.65.
3M (NYSE:MMM) last issued 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 company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the company posted $2.08 earnings per share. On average, analysts forecast that 3M Company will post $8.95 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given 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 of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is 53.59%.
Several analysts recently issued reports on MMM shares. Morgan Stanley increased their price objective on 3M from $178.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, June 9th. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $202.00 target price on shares of 3M in a research report on Wednesday, July 19th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $209.00 target price (down from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a research report on Monday, June 19th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average 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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