Coastal Bridge Advisors LLC raised its stake in 3M (NYSE:MMM) by 43.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,232 shares of the conglomerate’s stock after acquiring an additional 979 shares during the period. Coastal Bridge Advisors LLC’s holdings in 3M were worth $642,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in MMM. Geode Capital Management LLC grew its holdings in shares of 3M by 11.8% during the first quarter. Geode Capital Management LLC now owns 9,843,874 shares of the conglomerate’s stock worth $1,892,169,000 after purchasing an additional 1,036,538 shares during the last quarter. Amundi Asset Management US Inc. grew its holdings in shares of 3M by 94.3% during the first quarter. Amundi Asset Management US Inc. now owns 1,787,435 shares of the conglomerate’s stock worth $344,404,000 after purchasing an additional 867,458 shares during the last quarter. Morgan Stanley grew its holdings in shares of 3M by 15.6% during the first quarter. Morgan Stanley now owns 5,071,041 shares of the conglomerate’s stock worth $977,086,000 after purchasing an additional 682,530 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of 3M by 37.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,142,644 shares of the conglomerate’s stock worth $412,845,000 after purchasing an additional 584,026 shares during the last quarter. Finally, Cullen Capital Management LLC grew its holdings in shares of 3M by 283.6% during the first quarter. Cullen Capital Management LLC now owns 786,305 shares of the conglomerate’s stock worth $151,505,000 after purchasing an additional 581,300 shares during the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.
Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price target on 3M from $196.00 to $201.00 and gave the company a “hold” rating in a research note on Wednesday, July 28th. Credit Suisse Group lowered 3M from an “outperform” rating to a “neutral” rating and increased their target price for the company from $210.00 to $212.00 in a research note on Tuesday, July 6th. Morgan Stanley increased their target price on 3M from $200.00 to $213.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 28th. Wolfe Research lowered 3M from a “peer perform” rating to an “underperform” rating and cut their target price for the company from $218.00 to $215.00 in a research note on Monday, July 12th. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $208.00 target price on the stock in a research note on Friday, August 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and a consensus target price of $198.92.
3M (NYSE:MMM) last issued its earnings results on Monday, July 26th. The conglomerate reported $2.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.31. 3M had a return on equity of 44.72% and a net margin of 17.13%. The company had revenue of $8.90 billion during the quarter, compared to the consensus estimate of $8.59 billion. During the same period in the previous year, the company posted $1.78 EPS. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. On average, equities analysts predict that 3M will post 10.11 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Stockholders of record on Monday, August 23rd were paid a dividend of $1.48 per share. The ex-dividend date of this dividend was Friday, August 20th. This represents a $5.92 annualized dividend and a dividend yield of 3.20%. 3M’s dividend payout ratio is currently 67.73%.
In related news, insider Khandpur K. Ashish sold 6,505 shares of 3M stock in a transaction that occurred on Monday, August 9th. The stock was sold at an average price of $196.86, for a total transaction of $1,280,574.30. Following the completion of the sale, the insider now directly owns 26,855 shares of the company’s stock, valued at approximately $5,286,675.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $198.17, for a total value of $621,262.95. The disclosure for this sale can be found here. Insiders have sold a total of 20,666 shares of company stock valued at $4,103,569 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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