Centre Asset Management LLC purchased a new stake in shares of 3M Co (NYSE:MMM) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 36,830 shares of the conglomerate’s stock, valued at approximately $7,653,000. 3M comprises approximately 2.0% of Centre Asset Management LLC’s holdings, making the stock its 20th largest position.

A number of other institutional investors have also recently made changes to their positions in the stock. Ronna Sue Cohen boosted its stake in 3M by 20,703.2% during the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after buying an additional 2,672,577 shares during the last quarter. Personal Wealth Partners boosted its stake in 3M by 3.9% during the first quarter. Personal Wealth Partners now owns 1,985 shares of the conglomerate’s stock valued at $412,000 after buying an additional 75 shares during the last quarter. Sippican Capital Advisors boosted its stake in 3M by 18.8% during the first quarter. Sippican Capital Advisors now owns 1,578 shares of the conglomerate’s stock valued at $328,000 after buying an additional 250 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management boosted its stake in 3M by 1.4% during the first quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 10,353 shares of the conglomerate’s stock valued at $2,151,000 after buying an additional 145 shares during the last quarter. Finally, Accredited Investors Inc. boosted its stake in 3M by 7.0% during the first quarter. Accredited Investors Inc. now owns 8,421 shares of the conglomerate’s stock valued at $1,750,000 after buying an additional 553 shares during the last quarter. 67.11% of the stock is owned by institutional investors.

Shares of MMM stock opened at $169.74 on Thursday. 3M Co has a 1 year low of $165.61 and a 1 year high of $219.75. The company has a current ratio of 2.02, a quick ratio of 1.38 and a debt-to-equity ratio of 1.60. The company has a market cap of $95.83 billion, a price-to-earnings ratio of 16.23, a P/E/G ratio of 1.76 and a beta of 0.99.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). 3M had a net margin of 17.43% and a return on equity of 57.42%. The company had revenue of $7.86 billion for the quarter, compared to analysts’ expectations of $8.02 billion. During the same quarter last year, the company earned $2.50 earnings per share. The company’s revenue for the quarter was down 5.0% on a year-over-year basis. On average, equities research analysts anticipate that 3M Co will post 9.45 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be given a dividend of $1.44 per share. The ex-dividend date is Thursday, May 23rd. This represents a $5.76 dividend on an annualized basis and a yield of 3.39%. 3M’s dividend payout ratio (DPR) is presently 55.07%.

In related news, Director David B. Dillon acquired 1,200 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were acquired at an average cost of $169.50 per share, for a total transaction of $203,400.00. Following the completion of the transaction, the director now directly owns 1,200 shares in the company, valued at approximately $203,400. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were bought at an average price of $179.60 per share, for a total transaction of $179,600.00. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at $538,800. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 3,200 shares of company stock worth $559,260. Company insiders own 0.83% of the company’s stock.

MMM has been the subject of a number of research reports. Argus lowered 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. reissued a “sell” rating on shares of 3M in a research note on Tuesday, February 12th. Bank of America lowered 3M from a “buy” rating to a “neutral” rating in a research note on Friday, April 26th. Gordon Haskett lowered 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a research note on Monday, April 29th. Finally, Citigroup set a $221.00 price target on 3M and gave the company a “buy” rating in a research note on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $196.83.

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3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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