3M Company (MMM) Position Reduced by Ibex Wealth Advisors
Ibex Wealth Advisors lowered its position in shares of 3M Company (NYSE:MMM) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,278 shares of the conglomerate’s stock after selling 30 shares during the period. Ibex Wealth Advisors’ holdings in 3M were worth $433,000 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 MMM. American Century Companies Inc. raised its position in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Karp Capital Management Corp raised its position in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares during the last quarter. Swiss National Bank raised its position in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp raised its position in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its position in 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares during the last quarter. 65.71% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Company (MMM) traded up 0.52% on Wednesday, hitting $208.25. The stock had a trading volume of 475,751 shares. The stock has a market capitalization of $124.28 billion, a P/E ratio of 23.75 and a beta of 1.08. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The firm has a 50-day moving average price of $207.63 and a 200-day moving average price of $197.16.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the prior year, the business posted $2.08 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts expect that 3M Company will post $8.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be given a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.27%. 3M’s dividend payout ratio is currently 53.59%.
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A number of research analysts have weighed in on MMM shares. Jefferies Group LLC lifted their target price on 3M from $210.00 to $219.00 and gave the company a “buy” rating in a report on Wednesday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, April 27th. Stifel Nicolaus lifted their target price on 3M from $190.00 to $202.00 and gave the company a “hold” rating in a report on Wednesday, April 26th. Barclays PLC reaffirmed an “overweight” rating and set a $201.00 target price (up previously from $200.00) on shares of 3M in a report on Wednesday, April 19th. Finally, Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and a consensus price target of $203.40.
In other 3M news, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the transaction, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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