KCM Investment Advisors LLC Sells 6,253 Shares of 3M Co (NYSE:MMM)
KCM Investment Advisors LLC decreased its position in shares of 3M Co (NYSE:MMM) by 5.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 112,584 shares of the conglomerate’s stock after selling 6,253 shares during the quarter. 3M makes up 1.1% of KCM Investment Advisors LLC’s holdings, making the stock its 29th largest holding. KCM Investment Advisors LLC’s holdings in 3M were worth $19,862,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of 3M by 0.3% during the 4th quarter. State Street Corp now owns 42,314,221 shares of the conglomerate’s stock valued at $7,465,075,000 after purchasing an additional 134,874 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of 3M by 10.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,014,963 shares of the conglomerate’s stock worth $1,061,158,000 after buying an additional 550,844 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 3M by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,665,954 shares of the conglomerate’s stock valued at $823,168,000 after buying an additional 108,982 shares during the last quarter. Jensen Investment Management Inc. boosted its stake in 3M by 9.3% during the fourth quarter. Jensen Investment Management Inc. now owns 3,077,927 shares of the conglomerate’s stock valued at $543,008,000 after buying an additional 260,650 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in 3M by 7.3% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,845,068 shares of the conglomerate’s stock valued at $501,927,000 after buying an additional 194,244 shares in the last quarter. Institutional investors own 68.19% of the company’s stock.
In other news, SVP Ty R. Silberhorn sold 1,967 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $158.19, for a total value of $311,159.73. Following the sale, the senior vice president now directly owns 3,849 shares in the company, valued at $608,873.31. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael F. Roman sold 8,906 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $162.00, for a total value of $1,442,772.00. Following the sale, the chief executive officer now directly owns 48,152 shares of the company’s stock, valued at $7,800,624. The disclosure for this sale can be found here. Insiders sold a total of 17,123 shares of company stock worth $2,748,744 over the last three months. 0.83% of the stock is currently owned by corporate insiders.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 28th. The conglomerate reported $1.95 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.10 by ($0.15). The firm had revenue of $8.11 billion for the quarter, compared to the consensus estimate of $8.12 billion. 3M had a net margin of 14.22% and a return on equity of 51.39%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.31 EPS. Equities analysts anticipate that 3M Co will post 9 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Friday, February 14th were given a $1.47 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.44. This represents a $5.88 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend was Thursday, February 13th. 3M’s dividend payout ratio is 64.62%.
Several analysts have recently issued reports on MMM shares. Deutsche Bank upped their price objective on 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Citigroup reduced their price target on shares of 3M from $180.00 to $176.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $179.00 price target on the stock in a research note on Tuesday, December 10th. Morgan Stanley lowered their price objective on shares of 3M from $175.00 to $156.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 17th. Finally, JPMorgan Chase & Co. raised shares of 3M from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $143.00 to $150.00 in a research note on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. 3M currently has an average rating of “Hold” and an average target price of $172.33.
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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