Sippican Capital Advisors lowered its position in 3M (NYSE:MMM – Free Report) by 7.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 21,186 shares of the conglomerate’s stock after selling 1,614 shares during the period. 3M makes up 2.0% of Sippican Capital Advisors’ holdings, making the stock its 14th biggest position. Sippican Capital Advisors’ holdings in 3M were worth $2,896,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in MMM. Capital World Investors purchased a new stake in 3M during the 1st quarter worth about $165,986,000. International Assets Investment Management LLC lifted its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the period. National Bank of Canada FI boosted its position in 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC grew its stake in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC acquired a new position in 3M in the 2nd quarter valued at $76,732,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
Insider Transactions at 3M
In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.
3M Stock Performance
3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the company earned $2.68 EPS. 3M’s revenue was down 24.3% on a year-over-year basis. On average, analysts expect that 3M will post 7.26 earnings per share for the current year.
3M Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is -22.01%.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the company. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Royal Bank of Canada increased their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus target price of $139.27.
Get Our Latest Research Report on 3M
About 3M
3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
Read More
- Five stocks we like better than 3M
- 3 Best Fintech Stocks for a Portfolio Boost
- Zillow Stock’s Bull Case: Why This Recent Sell-Off Could Be a Buy
- How to Capture the Benefits of Dividend Increases
- IonQ’s Quantum Surge: Ride the Wave or Cash Out?
- Why Invest in High-Yield Dividend Stocks?
- Caterpillar Stock: Market Points to a Buying Opportunity
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM – Free Report).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.