Toronto Dominion Bank Reduces Stake in 3M Co (NYSE:MMM)
Toronto Dominion Bank trimmed its holdings in 3M Co (NYSE:MMM) by 9.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 395,516 shares of the conglomerate’s stock after selling 40,832 shares during the period. Toronto Dominion Bank owned 0.07% of 3M worth $68,541,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV raised its position in shares of 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after buying an additional 101 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in shares of 3M during the first quarter worth $38,000. Shine Investment Advisory Services Inc. raised its stake in 3M by 35.2% during the first quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after buying an additional 50 shares during the last quarter. Weaver Consulting Group bought a new position in 3M during the first quarter worth $32,000. Finally, Arcus Capital Partners LLC acquired a new position in 3M in the second quarter valued at $35,000. Institutional investors and hedge funds own 67.09% of the company’s stock.
A number of brokerages have commented on MMM. Morgan Stanley upped their price target on shares of 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Credit Suisse Group lifted their price objective on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. UBS Group dropped their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada set a $179.00 target price on 3M and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Bank of America decreased their target price on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $182.54.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the firm earned $2.59 EPS. The business’s revenue was down 2.6% on a year-over-year basis. On average, analysts predict that 3M Co will post 9.34 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be paid a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.45%. 3M’s dividend payout ratio (DPR) is presently 55.07%.
In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.83% of the company’s stock.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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