Coconut Grove Bank Decreases Position in 3M Co. (MMM)
Coconut Grove Bank reduced its stake in shares of 3M Co. (NYSE:MMM) by 0.9% during the second quarter, Holdings Channel reports. The firm owned 2,654 shares of the company’s stock after selling 23 shares during the period. Coconut Grove Bank’s holdings in 3M were worth $465,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in 3M by 5.0% in the first quarter. Geode Capital Management LLC now owns 5,330,612 shares of the company’s stock valued at $886,575,000 after buying an additional 251,776 shares during the period. TIAA CREF Investment Management LLC increased its stake in 3M by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 5,008,441 shares of the company’s stock valued at $834,557,000 after buying an additional 60,719 shares during the period. BlackRock Group LTD increased its stake in 3M by 6.3% in the first quarter. BlackRock Group LTD now owns 4,993,026 shares of the company’s stock valued at $831,988,000 after buying an additional 297,153 shares during the period. Wellington Management Group LLP increased its stake in 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock valued at $661,657,000 after buying an additional 381,798 shares during the period. Finally, American Century Companies Inc. increased its stake in 3M by 10.8% in the second quarter. American Century Companies Inc. now owns 2,836,134 shares of the company’s stock valued at $496,664,000 after buying an additional 276,535 shares during the period. Hedge funds and other institutional investors own 65.71% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 0.87% during midday trading on Friday, reaching $175.06. 3,358,842 shares of the company were exchanged. The company has a market capitalization of $105.81 billion, a PE ratio of 22.34 and a beta of 1.07. The firm’s 50 day moving average is $179.06 and its 200-day moving average is $171.43. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the business posted $2.02 earnings per share. On average, equities analysts forecast that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s payout ratio is 56.63%.
MMM has been the subject of several research reports. Credit Suisse Group AG reiterated a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Jefferies Group restated a “buy” rating on shares of 3M in a research report on Thursday, August 4th. Deutsche Bank AG restated a “hold” rating and set a $164.00 price objective on shares of 3M in a research report on Thursday, August 25th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Morgan Stanley restated a “sell” rating and set a $168.00 price objective on shares of 3M in a research report on Tuesday, August 23rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $165.18.
In related news, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the sale, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now owns 10,834 shares in the company, valued at $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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