3M Co (MMM) Stake Decreased by Clifford Swan Investment Counsel LLC
Clifford Swan Investment Counsel LLC cut its holdings in shares of 3M Co (NYSE:MMM) by 1.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,958 shares of the conglomerate’s stock after selling 920 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in 3M were worth $16,937,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Lenox Wealth Advisors Inc. lifted its position in shares of 3M by 16,300.0% during the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after purchasing an additional 489 shares during the last quarter. Horan Capital Management bought a new position in shares of 3M during the fourth quarter worth about $123,000. Sawyer & Company Inc bought a new position in shares of 3M during the fourth quarter worth about $138,000. Field & Main Bank bought a new position in shares of 3M during the fourth quarter worth about $140,000. Finally, Mascoma Wealth Management LLC lifted its position in shares of 3M by 87.5% during the third 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 last quarter. Institutional investors own 66.05% of the company’s stock.
MMM has been the topic of several research analyst reports. Hilliard Lyons raised shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target on the stock in a research report on Wednesday, January 24th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $278.00 price target on the stock in a research report on Tuesday, January 23rd. Argus reaffirmed a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Citigroup increased their price target on shares of 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research report on Tuesday, January 16th. Finally, Vetr raised shares of 3M from a “hold” rating to a “buy” rating and set a $250.06 price target on the stock in a research report on Monday, February 5th. Four 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 price target of $254.02.
3M (NYSE:MMM) last issued its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The firm had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter last year, the company posted $1.88 earnings per share. 3M’s revenue was up 9.0% on a year-over-year basis. equities analysts expect that 3M Co will post 10.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is 59.32%.
In other news, Chairman Inge G. Thulin sold 35,236 shares of 3M stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares of the company’s stock, valued at $63,757,665.22. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Nicholas C. Gangestad sold 1,681 shares of 3M stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.76, for a total value of $419,846.56. Following the sale, the chief financial officer now directly owns 23,562 shares in the company, valued at approximately $5,884,845.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,806 shares of company stock worth $13,162,628. Corporate insiders own 0.58% of the company’s stock.
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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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