Folger Nolan Fleming Douglas Capital Management Inc. decreased its holdings in shares of 3M Co (NYSE:MMM) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,357 shares of the conglomerate’s stock after selling 450 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in 3M were worth $3,868,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Toronto Dominion Bank increased its stake in shares of 3M by 2.1% during the 3rd quarter. Toronto Dominion Bank now owns 409,449 shares of the conglomerate’s stock worth $86,258,000 after purchasing an additional 8,333 shares in the last quarter. Prio Wealth Limited Partnership grew its stake in 3M by 6.6% in the 3rd quarter. Prio Wealth Limited Partnership now owns 94,341 shares of the conglomerate’s stock worth $19,878,000 after acquiring an additional 5,806 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in 3M by 0.4% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,112,753 shares of the conglomerate’s stock worth $445,178,000 after acquiring an additional 7,957 shares during the period. Cadinha & Co. LLC grew its stake in 3M by 1,063.1% in the 3rd quarter. Cadinha & Co. LLC now owns 74,324 shares of the conglomerate’s stock worth $15,661,000 after acquiring an additional 67,934 shares during the period. Finally, Howe & Rusling Inc. grew its stake in 3M by 1.4% in the 3rd quarter. Howe & Rusling Inc. now owns 60,236 shares of the conglomerate’s stock worth $12,692,000 after acquiring an additional 841 shares during the period. Institutional investors and hedge funds own 67.00% of the company’s stock.
MMM has been the subject of several recent analyst reports. Morgan Stanley began coverage on shares of 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price for the company. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. UBS Group boosted their price objective on shares of 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 30th. Deutsche Bank boosted their price objective on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research note on Friday, September 28th. Finally, Gordon Haskett began coverage on shares of 3M in a report on Friday, October 12th. They set a “buy” rating on the stock. Two 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 issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $225.16.
In other news, Director Gregory R. Page bought 1,000 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was purchased at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the transaction, the director now owns 1,500 shares in the company, valued at $276,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.
MMM opened at $202.68 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. 3M Co has a 1-year low of $181.98 and a 1-year high of $259.77. The stock has a market capitalization of $117.74 billion, a PE ratio of 22.10, a P/E/G ratio of 2.00 and a beta of 1.18.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. During the same period in the prior year, the company earned $2.33 EPS. 3M’s quarterly revenue was down .2% on a year-over-year basis. On average, equities analysts expect that 3M Co will post 9.95 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be given a dividend of $1.36 per share. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Wednesday, November 21st. 3M’s dividend payout ratio is presently 59.32%.
3M announced that its Board of Directors has authorized a share repurchase program on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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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