3M Co (NYSE:MMM) Shares Purchased by McKinley Carter Wealth Services Inc.
McKinley Carter Wealth Services Inc. increased its holdings in shares of 3M Co (NYSE:MMM) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,968 shares of the conglomerate’s stock after acquiring an additional 406 shares during the period. 3M makes up approximately 0.9% of McKinley Carter Wealth Services Inc.’s portfolio, making the stock its 29th biggest holding. McKinley Carter Wealth Services Inc.’s holdings in 3M were worth $3,461,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of MMM. Dimensional Fund Advisors LP raised its position in 3M by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,801,633 shares of the conglomerate’s stock worth $343,284,000 after acquiring an additional 37,553 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of 3M by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after purchasing an additional 353,754 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of 3M in the fourth quarter worth about $329,000. MML Investors Services LLC grew its holdings in shares of 3M by 7.9% in the fourth quarter. MML Investors Services LLC now owns 44,496 shares of the conglomerate’s stock worth $8,478,000 after purchasing an additional 3,260 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. grew its holdings in shares of 3M by 13.3% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 90,281 shares of the conglomerate’s stock worth $17,201,000 after purchasing an additional 10,587 shares during the last quarter. 67.55% of the stock is currently owned by institutional investors.
A number of research firms have recently commented on MMM. Argus cut shares of 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Deutsche Bank cut their price target on shares of 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a report on Friday, April 26th. JPMorgan Chase & Co. cut their price target on shares of 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Credit Suisse Group upped their price target on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Finally, UBS Group cut their price target on shares of 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. 3M presently has an average rating of “Hold” and an average price target of $182.54.
3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the business earned $2.59 EPS. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, equities analysts expect that 3M Co will post 9.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be given a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s payout ratio is 55.07%.
In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.83% of the company’s stock.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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