3M Company (MMM) Stake Raised by Pacer Advisors Inc.
Pacer Advisors Inc. lifted its holdings in shares of 3M Company (NYSE:MMM) by 11.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,215 shares of the conglomerate’s stock after purchasing an additional 1,607 shares during the period. Pacer Advisors Inc.’s holdings in 3M were worth $3,194,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. MPS Loria Financial Planners LLC bought a new stake in shares of 3M during the 2nd quarter worth $124,000. Hoertkorn Richard Charles bought a new stake in shares of 3M during the 3rd quarter worth $126,000. Proficio Capital Partners LLC raised its stake in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after purchasing an additional 404 shares during the period. Harfst & Associates Inc. raised 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 worth $143,000 after purchasing an additional 100 shares during the period. Finally, Mascoma Wealth Management LLC raised its stake in shares of 3M by 87.5% during the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after purchasing an additional 350 shares during the period. Institutional investors own 66.32% of the company’s stock.
A number of equities research analysts have recently commented on MMM shares. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Citigroup Inc. decreased their price objective on 3M from $230.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, July 26th. Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Finally, Royal Bank Of Canada lifted their price objective on 3M from $205.00 to $209.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 25th. 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 stock. The stock currently has a consensus rating of “Hold” and an average target price of $231.16.
In other news, Chairman Inge G. Thulin sold 6,823 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the completion of the transaction, the chairman now owns 196,906 shares of the company’s stock, valued at $45,906,664.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ippocratis Vrohidis sold 1,725 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was 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 approximately $206,845.32. The disclosure for this sale can be found here. Insiders have sold 22,804 shares of company stock valued at $5,303,706 in the last three months. 0.58% of the stock is owned by insiders.
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3M Company (MMM) traded up $2.65 during mid-day trading on Monday, reaching $232.01. The company’s stock had a trading volume of 1,026,169 shares, compared to its average volume of 1,834,406. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89. The stock has a market cap of $139,030.00, a price-to-earnings ratio of 25.63, a PEG ratio of 2.49 and a beta of 1.08. 3M Company has a 1-year low of $170.72 and a 1-year high of $238.90.
3M (NYSE:MMM) last posted its earnings results 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. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. 3M had a return on equity of 48.55% and a net margin of 17.71%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.15 EPS. sell-side analysts expect that 3M Company will post 9.08 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 24th will be issued a dividend of $0.0118 per share. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. The ex-dividend date of this dividend is Wednesday, November 22nd. 3M’s payout ratio is 52.46%.
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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