Cedar Hill Associates LLC Purchases New Stake in 3M Company (MMM)
Cedar Hill Associates LLC purchased a new stake in 3M Company (NYSE:MMM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,800 shares of the conglomerate’s stock, valued at approximately $378,000.
Other hedge funds have also modified their holdings of the company. Affinity Investment Advisors LLC purchased a new stake in 3M during the first quarter worth about $351,000. Intrust Bank NA increased its position in 3M by 4.6% during the first quarter. Intrust Bank NA now owns 1,748 shares of the conglomerate’s stock worth $334,000 after purchasing an additional 77 shares during the last quarter. Main Street Research LLC increased its position in 3M by 1.1% during the first quarter. Main Street Research LLC now owns 1,984 shares of the conglomerate’s stock worth $380,000 after purchasing an additional 22 shares during the last quarter. Lincoln National Corp increased its position in 3M by 18.4% during the first quarter. Lincoln National Corp now owns 4,944 shares of the conglomerate’s stock worth $946,000 after purchasing an additional 767 shares during the last quarter. Finally, Thomaspartners Inc. increased its position in 3M by 7.7% during the first quarter. Thomaspartners Inc. now owns 997,295 shares of the conglomerate’s stock worth $190,812,000 after purchasing an additional 71,291 shares during the last quarter. 66.33% of the stock is owned by institutional investors.
Several equities research analysts have issued reports on MMM shares. Argus boosted their price objective on shares of 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Citigroup reiterated a “buy” rating and set a $250.00 price objective (up from $228.00) on shares of 3M in a research note on Monday, October 9th. Bank of America reiterated a “buy” rating and set a $227.00 price objective on shares of 3M in a research note on Thursday, September 14th. Jefferies Group reiterated a “buy” rating and set a $234.00 price objective on shares of 3M in a research note on Wednesday, August 16th. Finally, Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $248.00 price objective on the stock in a research note on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. 3M has a consensus rating of “Hold” and an average target price of $231.16.
Shares of 3M Company (NYSE:MMM) traded down $0.94 during trading hours on Tuesday, hitting $238.36. 1,238,345 shares of the company’s stock were exchanged, compared to its average volume of 1,838,718. The firm has a market capitalization of $141,832.17, a PE ratio of 26.61, a price-to-earnings-growth ratio of 2.58 and a beta of 1.10. 3M Company has a 52 week low of $173.55 and a 52 week high of $244.23. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same period in the prior year, the company earned $2.15 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. sell-side analysts predict that 3M Company will post 9.09 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 24th will be issued a $0.0118 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.02%. 3M’s dividend payout ratio (DPR) is presently 52.51%.
In related news, Chairman Inge G. Thulin sold 6,823 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.14, for a total value of $1,590,714.22. Following the sale, the chairman now owns 196,906 shares of the company’s stock, valued at approximately $45,906,664.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Nicholas C. Gangestad sold 4,004 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $233.84, for a total transaction of $936,295.36. Following the completion of the sale, the chief financial officer now directly owns 25,805 shares in the company, valued at approximately $6,034,241.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,804 shares of company stock worth $5,303,706. Corporate insiders own 0.58% of the company’s stock.
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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, , 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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