Osborne Partners Capital Management LLC Maintains Stake in 3M Co. (MMM)
Osborne Partners Capital Management LLC maintained its stake in 3M Co. (NYSE:MMM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,050 shares of the company’s stock at the end of the second quarter. Osborne Partners Capital Management LLC’s holdings in 3M were worth $709,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP boosted 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 in the last quarter. 1832 Asset Management L.P. boosted its stake in 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock valued at $136,753,000 after buying an additional 349,353 shares in the last quarter. BlackRock Group LTD boosted 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 in the last quarter. Geode Capital Management LLC boosted 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 in the last quarter. Finally, Virginia Retirement System bought a new stake in 3M during the first quarter valued at approximately $37,256,000. 65.71% of the stock is owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded down 0.87% during mid-day trading on Friday, reaching $175.06. 3,358,842 shares of the company’s stock were exchanged. The stock has a market cap of $105.81 billion, a price-to-earnings ratio of 22.34 and a beta of 1.07. The company has a 50-day moving average of $179.06 and a 200-day moving average of $171.43. 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, beating analysts’ consensus estimates 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 period last year, the firm earned $2.02 earnings per share. The business’s quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts anticipate that 3M Co. will post $8.21 earnings per share for the current year.
The firm also recently disclosed 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 dividend yield of 2.54%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is 56.63%.
Several equities research analysts recently commented on the stock. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a research report on Thursday, August 4th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $186.00 price objective (up from $178.00) on shares of 3M in a research report on Thursday, July 28th. 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. Morgan Stanley reissued a “sell” rating and set a $168.00 price target on shares of 3M in a research report on Tuesday, August 23rd. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Two equities research 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. 3M currently has an average rating of “Hold” and a consensus price target of $165.18.
In related news, insider James L. Bauman sold 9,066 shares of the firm’s 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 transaction, the insider now directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the firm’s 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 transaction, 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. 0.58% of the stock is currently 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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