3M Co (MMM) Holdings Reduced by Kidder Stephen W
Kidder Stephen W decreased its holdings in shares of 3M Co (NYSE:MMM) by 6.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,452 shares of the conglomerate’s stock after selling 3,453 shares during the quarter. 3M accounts for approximately 4.1% of Kidder Stephen W’s investment portfolio, making the stock its 3rd largest position. Kidder Stephen W’s holdings in 3M were worth $11,405,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of MMM. Gs Investments Inc. acquired a new position in 3M during the second quarter worth about $409,000. Griffin Asset Management Inc. acquired a new position in 3M during the second quarter worth about $3,785,000. M Holdings Securities Inc. raised its stake in 3M by 35.9% during the second quarter. M Holdings Securities Inc. now owns 5,450 shares of the conglomerate’s stock worth $1,135,000 after acquiring an additional 1,441 shares in the last quarter. Curbstone Financial Management Corp raised its stake in 3M by 90.3% during the third quarter. Curbstone Financial Management Corp now owns 9,386 shares of the conglomerate’s stock worth $1,970,000 after acquiring an additional 4,453 shares in the last quarter. Finally, Eqis Capital Management Inc. raised its stake in 3M by 5.3% during the third quarter. Eqis Capital Management Inc. now owns 12,171 shares of the conglomerate’s stock worth $2,555,000 after acquiring an additional 612 shares in the last quarter. 66.09% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have commented on MMM. Deutsche Bank raised 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $240.00 to $275.00 in a research note on Tuesday. Vetr raised 3M from a “buy” rating to a “strong-buy” rating and set a $254.92 target price for the company in a research note on Monday. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a research note on Tuesday, January 30th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $254.00 price objective on shares of 3M in a research note on Thursday, January 25th. Finally, Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 price objective for the company in a research note on Wednesday, January 24th. Three analysts have rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $252.12.
3M (NYSE:MMM) last released its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.07. The business had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.88 EPS. equities research analysts forecast that 3M Co will post 10.6 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio is currently 59.27%.
In other 3M news, VP Ippocratis Vrohidis sold 225 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael F. Roman sold 4,146 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $246.65, for a total transaction of $1,022,610.90. Following the sale, the executive vice president now directly owns 16,208 shares of the company’s stock, valued at approximately $3,997,703.20. The disclosure for this sale can be found here. Insiders have sold a total of 49,673 shares of company stock valued at $12,420,577 in the last three months. Insiders own 0.58% of the company’s stock.
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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