CCM Investment Advisers LLC Acquires 3,761 Shares of 3M Company (MMM)
CCM Investment Advisers LLC raised its position in shares of 3M Company (NYSE:MMM) by 8.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,197 shares of the conglomerate’s stock after buying an additional 3,761 shares during the period. 3M accounts for approximately 1.8% of CCM Investment Advisers LLC’s portfolio, making the stock its 18th largest position. CCM Investment Advisers LLC’s holdings in 3M were worth $9,221,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. Bank of New York Mellon Corp increased 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 in the last quarter. First Eagle Investment Management LLC increased its position in 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares in the last quarter. Ameriprise Financial Inc. increased its position in 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares in the last quarter. American Century Companies Inc. increased 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 in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in 3M by 3.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares in the last quarter. Institutional investors and hedge funds own 65.71% of the company’s stock.
Shares of 3M Company (NYSE:MMM) traded up 0.52% on Wednesday, reaching $208.25. 475,830 shares of the company traded hands. The stock has a market cap of $124.28 billion, a price-to-earnings 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 stock has a 50 day moving average of $207.63 and a 200 day moving average of $197.16.
3M (NYSE:MMM) last announced its quarterly 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. The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.08 EPS. On average, analysts expect that 3M Company will post $8.94 earnings per share for the current year.
The company 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 $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a yield of 2.27%. 3M’s dividend payout ratio is currently 53.59%.
A number of research analysts have recently weighed in on MMM shares. Citigroup Inc. restated a “buy” rating and set a $229.00 price target (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Credit Suisse Group restated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Morgan Stanley restated an “underweight” rating and set a $191.00 price target (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Finally, Stifel Nicolaus restated a “hold” rating and set a $210.00 price target on shares of 3M in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. 3M has a consensus rating of “Hold” and a consensus price target of $203.40.
In other news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares in the company, valued at $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 Profile
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.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Company (NYSE:MMM).
Receive News & Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related companies with Analyst Ratings Network's FREE daily email newsletter.