Russell Investments Group Ltd. Cuts Stake in 3M Company (MMM)
Russell Investments Group Ltd. lessened its holdings in 3M Company (NYSE:MMM) by 10.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 775,309 shares of the conglomerate’s stock after selling 89,439 shares during the quarter. Russell Investments Group Ltd. owned 0.13% of 3M worth $162,735,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. MPS Loria Financial Planners LLC bought a new stake in shares of 3M in the second quarter worth $124,000. Hoertkorn Richard Charles bought a new stake in shares of 3M in the third quarter worth $126,000. Proficio Capital Partners LLC lifted its position in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after purchasing an additional 404 shares in the last quarter. Harfst & Associates Inc. lifted its position in shares of 3M by 17.0% in the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after purchasing an additional 100 shares in the last quarter. Finally, Mascoma Wealth Management LLC lifted its position in shares of 3M by 87.5% in the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after purchasing an additional 350 shares in the last quarter. 66.26% of the stock is currently owned by institutional investors and hedge funds.
In other news, CAO Ippocratis Vrohidis sold 1,725 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $230.34, for a total value of $397,336.50. Following the transaction, the chief accounting officer now directly owns 898 shares of the company’s stock, valued at $206,845.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jon T. Lindekugel sold 400 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $230.06, for a total transaction of $92,024.00. The disclosure for this sale can be found here. Insiders sold 26,951 shares of company stock worth $6,159,012 over the last three months. Insiders own 0.58% of the company’s stock.
Shares of 3M Company (MMM) traded down $2.30 on Wednesday, hitting $227.03. 840,279 shares of the stock traded hands, compared to its average volume of 1,839,062. The company has a market capitalization of $135,929.69, a price-to-earnings ratio of 25.50, a PEG ratio of 2.47 and a beta of 1.08. 3M Company has a 52 week low of $170.72 and a 52 week high of $238.90. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.21 by $0.12. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.15 earnings per share. sell-side analysts expect that 3M Company will post 9.08 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 24th will be given a $0.0118 dividend. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. 3M’s payout ratio is presently 52.51%.
MMM has been the topic of a number of research reports. Bank of America Corporation boosted their price objective on shares of 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Credit Suisse Group reaffirmed an “outperform” rating and set a $237.00 price target (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Argus upped their price target on shares of 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. They noted that the move was a valuation call. Finally, J P Morgan Chase & Co lowered shares of 3M from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $185.00 to $201.00 in a research report on Wednesday, September 20th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and a consensus target price of $231.16.
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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, , 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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