Nichols Asset Management LLC Holds Position in 3M Co. (MMM)
Nichols Asset Management LLC continued to hold its stake in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,640 shares of the company’s stock at the end of the second quarter. 3M comprises approximately 2.0% of Nichols Asset Management LLC’s portfolio, making the stock its 11th largest position. Nichols Asset Management LLC’s holdings in 3M were worth $988,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the company. Union Bankshares Corp boosted its position in shares of 3M by 6.7% in the first quarter. Union Bankshares Corp now owns 20,924 shares of the company’s stock valued at $3,486,000 after buying an additional 1,306 shares in the last quarter. Eqis Capital Management Inc. boosted its position in shares of 3M by 1.6% in the first quarter. Eqis Capital Management Inc. now owns 8,262 shares of the company’s stock valued at $1,377,000 after buying an additional 133 shares in the last quarter. Carlson Capital Management boosted its position in shares of 3M by 0.7% in the first quarter. Carlson Capital Management now owns 99,677 shares of the company’s stock valued at $16,609,000 after buying an additional 654 shares in the last quarter. DnB Asset Management AS boosted its position in shares of 3M by 79.2% in the first quarter. DnB Asset Management AS now owns 58,832 shares of the company’s stock valued at $9,803,000 after buying an additional 26,000 shares in the last quarter. Finally, CENTRAL TRUST Co acquired a new position in shares of 3M during the first quarter valued at $14,544,000. Institutional investors own 65.71% of the company’s stock.
3M Co. (NYSE:MMM) traded up 0.50% during mid-day trading on Tuesday, hitting $177.60. 1,598,479 shares of the stock were exchanged. The stock has a market cap of $107.34 billion, a PE ratio of 22.67 and a beta of 1.07. The stock’s 50 day moving average is $178.83 and its 200 day moving average is $171.93. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27.
3M (NYSE:MMM) last released its quarterly earnings data 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 firm had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same quarter in the prior year, the business earned $2.02 earnings per share. The business’s quarterly revenue was down .3% compared to the same quarter last year. Analysts forecast that 3M Co. will post $8.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is presently 56.63%.
Several research analysts have recently weighed in on MMM shares. Credit Suisse Group AG reiterated a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Jefferies Group restated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a research note on Thursday, August 25th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Finally, Morgan Stanley restated a “sell” rating and set a $168.00 target price on shares of 3M in a research note on Tuesday, August 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $165.18.
In related news, insider James L. Bauman sold 9,066 shares of the stock in a transaction on 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 directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction on Friday, July 29th. The stock was 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 disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
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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