3M Co (MMM) Holdings Reduced by Wagner Bowman Management Corp
Wagner Bowman Management Corp lowered its stake in 3M Co (NYSE:MMM) by 2.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 15,301 shares of the conglomerate’s stock after selling 369 shares during the quarter. Wagner Bowman Management Corp’s holdings in 3M were worth $2,915,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. IMS Capital Management purchased a new stake in 3M during the third quarter worth about $108,000. Price Capital Management Inc. purchased a new stake in 3M during the third quarter worth about $126,000. Psagot Investment House Ltd. purchased a new stake in shares of 3M during the third quarter worth approximately $131,000. Vectors Research Management LLC purchased a new stake in shares of 3M during the third quarter worth approximately $122,000. Finally, Arlington Partners LLC increased its stake in shares of 3M by 177.8% during the fourth quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock worth $119,000 after buying an additional 400 shares during the period. 70.67% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on the stock. Barclays cut their target price on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research note on Monday, November 19th. Deutsche Bank upped their price target on 3M from $206.00 to $210.00 and gave the company a “hold” rating in a report on Friday, November 16th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Wednesday, December 5th. Royal Bank of Canada lowered their price target on 3M to $223.00 and set an “outperform” rating for the company in a report on Wednesday, October 24th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $220.00 price target (down from $230.00) on shares of 3M in a report on Thursday, January 3rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. 3M currently has an average rating of “Hold” and a consensus price target of $214.57.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.03. 3M had a return on equity of 57.70% and a net margin of 16.33%. The firm had revenue of $7.95 billion during the quarter, compared to the consensus estimate of $7.87 billion. During the same period last year, the company earned $2.10 earnings per share. The company’s revenue for the quarter was down .6% on a year-over-year basis. Analysts anticipate that 3M Co will post 10.67 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Friday, February 15th will be issued a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, February 14th. This is an increase from 3M’s previous quarterly dividend of $1.36. This represents a $5.76 annualized dividend and a dividend yield of 2.88%. 3M’s dividend payout ratio (DPR) is currently 52.01%.
3M announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the conglomerate to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, Chairman Inge G. Thulin sold 13,499 shares of the stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the sale, the chairman now directly owns 230,458 shares of the company’s stock, valued at $46,091,600. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.72% of the stock is owned by company insiders.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.