3M Company (MMM) Holdings Maintained by Massey Quick & Co. LLC
Massey Quick & Co. LLC maintained its position in shares of 3M Company (NYSE:MMM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,640 shares of the conglomerate’s stock at the end of the second quarter. Massey Quick & Co. LLC’s holdings in 3M were worth $341,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. boosted its holdings in shares of 3M by 0.3% during the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after purchasing an additional 8,239 shares during the last quarter. Smithfield Trust Co. boosted its holdings in shares of 3M by 0.7% during the 1st quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock valued at $3,322,000 after purchasing an additional 122 shares during the last quarter. C.V. Starr & Co. Inc. Trust boosted its holdings in shares of 3M by 20.0% during the 1st quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock valued at $11,480,000 after purchasing an additional 10,000 shares during the last quarter. Twin Capital Management Inc. bought a new position in shares of 3M during the 2nd quarter valued at about $6,178,000. Finally, Gotham Asset Management LLC boosted its holdings in shares of 3M by 3.6% during the 1st quarter. Gotham Asset Management LLC now owns 99,873 shares of the conglomerate’s stock valued at $19,109,000 after purchasing an additional 3,427 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.
In other 3M news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock worth $1,878,890 over the last ninety days. 0.58% of the stock is owned by insiders.
Shares of 3M Company (NYSE MMM) opened at 209.90 on Friday. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.65. The stock has a market capitalization of $125.26 billion, a price-to-earnings ratio of 23.94 and a beta of 1.08. The company has a 50-day moving average of $206.16 and a 200-day moving average of $201.42.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the firm earned $2.08 earnings per share. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts anticipate that 3M Company will post $8.95 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were paid a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is presently 53.59%.
MMM has been the subject of several research reports. Citigroup Inc. reissued a “buy” rating and set a $229.00 price objective (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Morgan Stanley restated an “underweight” rating and set a $191.00 target price (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and set a $210.00 target price on shares of 3M in a research report on Friday, July 28th. Finally, Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $207.35.
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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, electronics, 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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