3M Company (MMM) Position Cut by Cigna Investments Inc. New
Cigna Investments Inc. New cut its stake in shares of 3M Company (NYSE:MMM) by 7.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,864 shares of the conglomerate’s stock after selling 1,787 shares during the period. Cigna Investments Inc. New’s holdings in 3M were worth $4,760,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. Reilly Financial Advisors LLC increased its stake in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares in the last quarter. Jackson Grant Investment Advisers Inc. increased its stake in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares in the last quarter. One Capital Management LLC bought a new stake in shares of 3M during the first quarter valued at about $202,000. Finally, FDO Partners LLC bought a new stake in shares of 3M during the first quarter valued at about $203,000. 66.29% of the stock is owned by hedge funds and other institutional investors.
3M Company (NYSE:MMM) opened at 203.56 on Friday. The company’s 50-day moving average is $205.60 and its 200 day moving average is $199.41. The firm has a market cap of $121.48 billion, a PE ratio of 23.22 and a beta of 1.08. 3M Company has a one year low of $163.85 and a one year high of $214.57.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.08 EPS. Equities analysts anticipate that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be paid a dividend of $1.175 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a yield of 2.31%. 3M’s dividend payout ratio (DPR) is presently 53.59%.
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Several brokerages have recently issued reports on MMM. Jefferies Group LLC reissued a “buy” rating and set a $234.00 price objective on shares of 3M in a research report on Wednesday, August 16th. Stifel Nicolaus reissued a “hold” rating and set a $210.00 price objective on shares of 3M in a research report on Friday, July 28th. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, June 15th. Royal Bank Of Canada reissued a “sector perform” rating and set a $209.00 price objective (down previously from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Finally, William Blair reissued an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $206.68.
In other 3M news, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the sale, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock valued at $1,878,890 in the last 90 days. 0.58% of the stock is currently owned by company insiders.
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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