Larson Financial Group LLC lessened its holdings in shares of 3M (NYSE:MMM) by 2.9% during the second quarter, Holdings Channel reports. The firm owned 1,964 shares of the conglomerate’s stock after selling 59 shares during the quarter. Larson Financial Group LLC’s holdings in 3M were worth $390,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in MMM. Anfield Capital Management LLC purchased a new stake in 3M in the second quarter worth about $37,000. Newton One Investments LLC purchased a new position in shares of 3M in the 2nd quarter valued at approximately $37,000. Lake Point Wealth Management purchased a new stake in 3M in the second quarter worth $38,000. Smith Asset Management Group LP bought a new position in 3M in the second quarter worth $40,000. Finally, tru Independence LLC purchased a new stake in shares of 3M in the 2nd quarter worth about $46,000. Institutional investors own 66.82% of the company’s stock.
A number of equities research analysts have weighed in on MMM shares. Credit Suisse Group cut shares of 3M from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $210.00 to $212.00 in a report on Tuesday, July 6th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $208.00 price objective for the company in a research note on Friday, August 6th. Deutsche Bank Aktiengesellschaft increased their target price on 3M from $196.00 to $201.00 and gave the stock a “hold” rating in a research note on Wednesday, July 28th. Wolfe Research lowered 3M from a “peer perform” rating to an “underperform” rating and lowered their price target for the stock from $218.00 to $215.00 in a research report on Monday, July 12th. Finally, Argus increased their price objective on shares of 3M from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, July 28th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $198.92.
3M (NYSE:MMM) last released its quarterly earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $8.90 billion for the quarter, compared to the consensus estimate of $8.59 billion. During the same period last year, the business posted $1.78 EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, analysts forecast that 3M will post 10.11 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Sunday, September 12th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.24%. 3M’s dividend payout ratio is currently 67.73%.
In other news, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $198.17, for a total transaction of $621,262.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Khandpur K. Ashish sold 6,505 shares of the 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 $5,286,675.30. 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 in the last ninety days. Insiders own 0.34% of the company’s stock.
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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