Welch Group LLC Reduces Position in 3M Company (MMM)
Welch Group LLC cut its stake in shares of 3M Company (NYSE:MMM) by 2.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 88,107 shares of the conglomerate’s stock after selling 2,313 shares during the quarter. 3M accounts for about 3.1% of Welch Group LLC’s investment portfolio, making the stock its 8th largest holding. Welch Group LLC’s holdings in 3M were worth $18,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. boosted its holdings in 3M by 0.3% during the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after acquiring an additional 8,239 shares during the period. C.V. Starr & Co. Inc. Trust raised its position in 3M by 20.0% during the 1st quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock valued at $11,480,000 after purchasing an additional 10,000 shares during the last quarter. Twin Capital Management Inc. bought a new position in 3M during the 2nd quarter valued at approximately $6,178,000. Gotham Asset Management LLC raised its position in 3M by 3.6% during the 1st quarter. Gotham Asset Management LLC now owns 99,873 shares of the conglomerate’s stock valued at $19,109,000 after purchasing an additional 3,427 shares during the last quarter. Finally, Aperio Group LLC raised its position in 3M by 6.8% during the 3rd quarter. Aperio Group LLC now owns 559,122 shares of the conglomerate’s stock valued at $117,360,000 after purchasing an additional 35,815 shares during the last quarter. Institutional investors own 66.26% of the company’s stock.
3M Company (MMM) traded down $0.12 during mid-day trading on Friday, reaching $229.30. The company had a trading volume of 641,630 shares, compared to its average volume of 1,834,823. 3M Company has a one year low of $170.72 and a one year high of $238.90. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. The company has a market cap of $135,441.30, a price-to-earnings ratio of 25.41, a PEG ratio of 2.46 and a beta of 1.08.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter last year, the company earned $2.15 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. equities research analysts predict that 3M Company will post 9.08 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 24th will be given a dividend of $0.0118 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.02%. The ex-dividend date is Wednesday, November 22nd. 3M’s dividend payout ratio (DPR) is presently 52.51%.
In other 3M news, VP Ivan K. Fong sold 2,348 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.12, for a total transaction of $547,365.76. Following the sale, the vice president now directly owns 24,479 shares in the company, valued at approximately $5,706,544.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Khandpur K. Ashish sold 4,004 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $231.39, for a total value of $926,485.56. Following the sale, the vice president now owns 5,236 shares in the company, valued at $1,211,558.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,804 shares of company stock valued at $5,303,706. 0.58% of the stock is owned by corporate insiders.
A number of research firms have commented on MMM. Citigroup Inc. upped their price target on 3M from $250.00 to $262.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. The Goldman Sachs Group, Inc. reaffirmed a “sell” rating on shares of 3M in a research report on Thursday, October 26th. Stifel Nicolaus upped their price target on 3M from $220.00 to $244.00 and gave the company a “hold” rating in a research report on Wednesday, October 25th. Royal Bank Of Canada upped their price target on 3M from $205.00 to $209.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 25th. Finally, Argus upped their price target on 3M from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and an average 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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