Cadinha & Co. LLC Raises Position in 3M Co (MMM)
Cadinha & Co. LLC boosted its stake in 3M Co (NYSE:MMM) by 3.9% in the 2nd quarter, Holdings Channel reports. The firm owned 6,390 shares of the conglomerate’s stock after acquiring an additional 240 shares during the quarter. Cadinha & Co. LLC’s holdings in 3M were worth $1,257,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. HC Financial Advisors Inc. purchased a new stake in shares of 3M during the fourth quarter worth approximately $1,393,000. Global X Management Co. LLC increased its position in shares of 3M by 4.4% during the first quarter. Global X Management Co. LLC now owns 7,782 shares of the conglomerate’s stock worth $1,708,000 after purchasing an additional 328 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in 3M by 9.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 58,361 shares of the conglomerate’s stock valued at $12,811,000 after buying an additional 5,173 shares in the last quarter. Dean Capital Investments Management LLC purchased a new stake in 3M in the 1st quarter valued at $392,000. Finally, Thomaspartners Inc. grew its holdings in 3M by 1.6% in the 1st quarter. Thomaspartners Inc. now owns 1,056,264 shares of the conglomerate’s stock valued at $231,871,000 after buying an additional 16,672 shares in the last quarter. 66.16% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on MMM shares. Morgan Stanley started coverage on 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price for the company. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Sunday, July 15th. Royal Bank of Canada restated a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Wednesday, July 25th. Citigroup set a $263.00 target price on 3M and gave the company a “buy” rating in a report on Saturday, June 9th. Finally, Jefferies Financial Group cut 3M from a “buy” rating to a “hold” rating and dropped their target price for the company from $259.77 to $200.00 in a report on Wednesday, May 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $234.97.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.01. The business had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.58 EPS. equities analysts expect that 3M Co will post 10.37 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Friday, August 24th 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 2.59%. The ex-dividend date of this dividend is Thursday, August 23rd. 3M’s dividend payout ratio is presently 59.32%.
In other news, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction on Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.58% of the company’s stock.
3M Company Profile
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.
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