Crestwood Advisors Group LLC Raises Holdings in 3M Company (MMM)
Crestwood Advisors Group LLC raised its position in 3M Company (NYSE:MMM) by 0.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,398 shares of the conglomerate’s stock after buying an additional 583 shares during the quarter. Crestwood Advisors Group LLC’s holdings in 3M were worth $15,616,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Affinity Investment Advisors LLC bought a new stake in shares of 3M during the 1st quarter valued at $351,000. Intrust Bank NA lifted its position in shares of 3M by 4.6% during the 1st quarter. Intrust Bank NA now owns 1,748 shares of the conglomerate’s stock valued at $334,000 after acquiring an additional 77 shares during the period. Main Street Research LLC lifted its position in shares of 3M by 1.1% during the 1st quarter. Main Street Research LLC now owns 1,984 shares of the conglomerate’s stock valued at $380,000 after acquiring an additional 22 shares during the period. Lincoln National Corp lifted its position in shares of 3M by 18.4% during the 1st quarter. Lincoln National Corp now owns 4,944 shares of the conglomerate’s stock valued at $946,000 after acquiring an additional 767 shares during the period. Finally, Thomaspartners Inc. lifted its position in shares of 3M by 7.7% during the 1st quarter. Thomaspartners Inc. now owns 997,295 shares of the conglomerate’s stock worth $190,812,000 after buying an additional 71,291 shares during the last quarter. 66.33% of the stock is currently owned by hedge funds and other institutional investors.
In other 3M news, insider Jon T. Lindekugel sold 400 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total value of $92,024.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $234.47, for a total value of $351,705.00. The disclosure for this sale can be found here. Insiders sold 22,804 shares of company stock valued at $5,303,706 in the last three months. Insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping the 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 business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter last year, the firm posted $2.15 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. sell-side analysts predict that 3M Company will post 9.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were paid a $0.0118 dividend. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $0.05 dividend on an annualized basis and a yield of 0.02%. 3M’s dividend payout ratio (DPR) is presently 52.51%.
Several analysts recently weighed in on MMM shares. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Bank of America restated a “buy” rating and set a $227.00 price objective on shares of 3M in a research report on Thursday, September 14th. Credit Suisse Group restated an “outperform” rating and set a $237.00 price objective (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Citigroup upped their price objective on 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Finally, ValuEngine downgraded 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and an average target price of $231.16.
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3M Company Profile
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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