3M Co (MMM) Stake Lifted by Altfest L J & Co. Inc.
Altfest L J & Co. Inc. lifted its position in shares of 3M Co (NYSE:MMM) by 15.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,766 shares of the conglomerate’s stock after purchasing an additional 884 shares during the period. Altfest L J & Co. Inc.’s holdings in 3M were worth $1,331,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Rainier Group Investment Advisory LLC acquired a new position in 3M in the 1st quarter valued at about $114,000. Quattro Financial Advisors LLC acquired a new position in 3M in the 1st quarter valued at about $119,000. Ballew Advisors Inc acquired a new position in 3M in the 1st quarter valued at about $122,000. Stelac Advisory Services LLC acquired a new position in 3M in the 1st quarter valued at about $125,000. Finally, BDO Wealth Advisors LLC grew its stake in 3M by 359.4% in the 1st quarter. BDO Wealth Advisors LLC now owns 712 shares of the conglomerate’s stock valued at $156,000 after buying an additional 557 shares during the last quarter. Institutional investors own 66.16% of the company’s stock.
In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.72% of the company’s stock.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.58 by $0.01. 3M had a net margin of 13.44% and a return on equity of 51.31%. The firm had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.36 billion. During the same quarter in the prior year, the business posted $2.58 EPS. The business’s revenue was up 7.4% compared to the same quarter last year. equities analysts expect that 3M Co will post 10.37 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Friday, August 24th will be given a dividend of $1.36 per share. The ex-dividend date of this dividend is Thursday, August 23rd. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.60%. 3M’s payout ratio is presently 59.32%.
A number of brokerages recently commented on MMM. Citigroup set a $263.00 price target on shares of 3M and gave the company a “buy” rating in a research note on Saturday, June 9th. Morgan Stanley began coverage on shares of 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target on the stock. Barclays decreased their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 25th. Jefferies Financial Group lowered shares of 3M from a “buy” rating to a “hold” rating and decreased their price target for the company from $259.77 to $200.00 in a research note on Wednesday, May 16th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $234.67.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
Featured Story: What is a Leveraged Buyout (LBO)?
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.