525 Shares in 3M Co (MMM) Purchased by Horan Capital Management
Horan Capital Management purchased a new position in 3M Co (NYSE:MMM) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 525 shares of the conglomerate’s stock, valued at approximately $123,000.
A number of other hedge funds have also modified their holdings of the business. Alpha Windward LLC increased its stake in 3M by 16.5% in the 4th quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock worth $339,000 after buying an additional 204 shares in the last quarter. Canal Capital Management LLC increased its stake in 3M by 3.2% in the 4th quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after buying an additional 221 shares in the last quarter. ARGI Investment Services LLC increased its stake in 3M by 6.8% in the 3rd quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock worth $736,000 after buying an additional 227 shares in the last quarter. Intellectus Partners LLC increased its stake in 3M by 20.9% in the 2nd quarter. Intellectus Partners LLC now owns 1,381 shares of the conglomerate’s stock worth $288,000 after buying an additional 239 shares in the last quarter. Finally, Palisade Asset Management LLC boosted its holdings in shares of 3M by 0.4% during the 3rd quarter. Palisade Asset Management LLC now owns 67,089 shares of the conglomerate’s stock valued at $14,082,000 after purchasing an additional 254 shares during the last quarter. Institutional investors and hedge funds own 66.38% of the company’s stock.
3M Co (NYSE:MMM) opened at $222.89 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33. 3M Co has a 1-year low of $176.87 and a 1-year high of $259.77. The company has a market cap of $138,721.05, a PE ratio of 28.14, a P/E/G ratio of 2.16 and a beta of 1.08.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a $1.36 dividend. This is an increase from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.44%. 3M’s dividend payout ratio (DPR) is presently 59.34%.
In related news, EVP Michael F. Roman sold 4,146 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $246.65, for a total value of $1,022,610.90. Following the completion of the transaction, the executive vice president now owns 16,208 shares of the company’s stock, valued at approximately $3,997,703.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the completion of the transaction, the chairman now directly owns 253,873 shares of the company’s stock, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,673 shares of company stock valued at $12,420,577. 0.58% of the stock is owned by insiders.
Several research analysts have commented on MMM shares. Royal Bank of Canada reissued a “hold” rating and set a $205.00 price objective on shares of 3M in a report on Friday, October 13th. Goldman Sachs Group raised shares of 3M from a “sell” rating to a “neutral” rating and increased their price objective for the company from $194.00 to $229.00 in a report on Wednesday, October 25th. Stifel Nicolaus increased their price objective on shares of 3M from $220.00 to $244.00 and gave the company a “hold” rating in a report on Wednesday, October 25th. Argus increased their price objective on shares of 3M from $220.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. They noted that the move was a valuation call. Finally, Credit Suisse Group reissued an “outperform” rating and set a $260.00 price objective (up previously from $238.00) on shares of 3M in a report on Wednesday, October 25th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company. 3M presently has an average rating of “Hold” and an average price target of $249.63.
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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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