Honkamp Krueger Financial Services Inc. lessened its holdings in shares of 3M Co (NYSE:MMM) by 11.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,385 shares of the conglomerate’s stock after selling 2,037 shares during the quarter. Honkamp Krueger Financial Services Inc.’s holdings in 3M were worth $2,772,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Creative Financial Designs Inc. ADV increased its stake in 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 101 shares during the last quarter. Weaver Consulting Group bought a new stake in 3M in the 1st quarter worth approximately $32,000. Cordasco Financial Network increased its stake in 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after acquiring an additional 110 shares during the last quarter. Arcus Capital Partners LLC bought a new stake in 3M in the 2nd quarter worth approximately $35,000. Finally, Lake Point Wealth Management bought a new stake in 3M in the 4th quarter worth approximately $37,000. 66.84% of the stock is currently owned by institutional investors.
In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the transaction, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.83% of the stock is owned by insiders.
Shares of 3M stock traded down $5.03 on Friday, reaching $155.85. The company had a trading volume of 3,732,429 shares, compared to its average volume of 2,934,945. The firm has a market cap of $92.55 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 1.82 and a beta of 1.09. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The firm’s 50-day moving average price is $168.82 and its two-hundred day moving average price is $186.20. 3M Co has a 1 year low of $155.27 and a 1 year high of $219.75.
3M (NYSE:MMM) last announced its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the previous year, the business earned $2.59 EPS. The company’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, analysts anticipate that 3M Co will post 9.28 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date is Thursday, August 15th. 3M’s payout ratio is currently 55.07%.
A number of analysts have issued reports on MMM shares. Bank of America reduced their price objective on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Morgan Stanley lifted their target price on 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Royal Bank of Canada set a $179.00 target price on 3M and gave the stock a “hold” rating in a report on Friday, July 26th. UBS Group dropped their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Finally, Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a report on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $182.54.
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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