Murphy Capital Management Inc. Has $11,283,000 Position in 3M Co. (MMM)
Murphy Capital Management Inc. raised its stake in shares of 3M Co. (NYSE:MMM) by 0.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 64,431 shares of the company’s stock after buying an additional 36 shares during the period. 3M accounts for approximately 1.7% of Murphy Capital Management Inc.’s portfolio, making the stock its 11th largest position. Murphy Capital Management Inc.’s holdings in 3M were worth $11,283,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of MMM. State of Alaska Department of Revenue boosted its position in shares of 3M by 2.7% in the second quarter. State of Alaska Department of Revenue now owns 49,530 shares of the company’s stock valued at $8,673,000 after buying an additional 1,325 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of 3M by 5.8% in the second quarter. Nordea Investment Management AB now owns 116,384 shares of the company’s stock valued at $20,381,000 after buying an additional 6,428 shares in the last quarter. Private Trust Co. NA boosted its position in shares of 3M by 5.8% in the second quarter. Private Trust Co. NA now owns 24,859 shares of the company’s stock valued at $4,353,000 after buying an additional 1,368 shares in the last quarter. Charter Trust Co. boosted its position in shares of 3M by 1.0% in the second quarter. Charter Trust Co. now owns 92,631 shares of the company’s stock valued at $16,221,000 after buying an additional 951 shares in the last quarter. Finally, BLB&B Advisors LLC boosted its position in shares of 3M by 5.1% in the second quarter. BLB&B Advisors LLC now owns 55,667 shares of the company’s stock valued at $9,748,000 after buying an additional 2,723 shares in the last quarter. 65.71% of the stock is owned by institutional investors and hedge funds.
3M Co. (NYSE:MMM) traded down 0.87% on Friday, hitting $175.06. The company had a trading volume of 3,358,842 shares. The firm’s 50 day moving average price is $179.06 and its 200 day moving average price is $171.43. The stock has a market cap of $105.81 billion, a P/E ratio of 22.34 and a beta of 1.07. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. During the same period in the prior year, the business posted $2.02 earnings per share. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. Equities analysts predict that 3M Co. will post $8.21 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is presently 56.63%.
Several equities analysts recently issued reports on the company. Credit Suisse Group AG reaffirmed a “buy” rating and set a $195.00 price objective on shares of 3M in a report on Friday. Morgan Stanley reissued a “sell” rating on shares of 3M in a research report on Friday, June 10th. Jefferies Group reissued a “buy” rating on shares of 3M in a research report on Thursday, August 4th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $164.00 price objective on shares of 3M in a research report on Thursday, August 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $165.18.
In other news, insider Paul A. Keel sold 3,180 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $567,280.20. Following the transaction, the insider now directly owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the transaction, the insider now directly 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 currently owned by 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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