3M Co (MMM) Position Decreased by Sumitomo Life Insurance Co.
Sumitomo Life Insurance Co. reduced its holdings in shares of 3M Co (NYSE:MMM) by 4.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,159 shares of the conglomerate’s stock after selling 785 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in 3M were worth $3,803,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in MMM. Lenox Wealth Advisors Inc. lifted its position in shares of 3M by 16,300.0% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after buying an additional 489 shares during the last quarter. Horan Capital Management bought a new stake in shares of 3M during the 4th quarter worth $123,000. MPS Loria Financial Planners LLC bought a new stake in shares of 3M during the 2nd quarter worth $124,000. Hoertkorn Richard Charles bought a new stake in shares of 3M during the 3rd quarter worth $126,000. Finally, Sawyer & Company Inc bought a new stake in shares of 3M during the 4th quarter worth $138,000. Institutional investors and hedge funds own 66.38% of the company’s stock.
In other news, insider Hak Cheol Shin sold 8,385 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $247.20, for a total value of $2,072,772.00. Following the completion of the sale, the insider now owns 120,105 shares of the company’s stock, valued at $29,689,956. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Ippocratis Vrohidis sold 225 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.68, for a total value of $56,178.00. The disclosure for this sale can be found here. In the last three months, insiders sold 49,673 shares of company stock valued at $12,420,577. Insiders own 0.58% of the company’s stock.
Shares of 3M Co (NYSE:MMM) opened at $225.21 on Friday. The firm has a market capitalization of $134,112.56, a PE ratio of 24.56, a PEG ratio of 2.09 and a beta of 1.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33. 3M Co has a one year low of $176.87 and a one year high of $259.77.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.07. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.88 earnings per share. sell-side analysts expect that 3M Co will post 10.6 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a $1.36 dividend. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, February 15th. This represents a $5.44 annualized dividend and a dividend yield of 2.42%. 3M’s dividend payout ratio is presently 59.34%.
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3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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