Cullen Frost Bankers Inc. Sells 1,209 Shares of 3M Company (MMM)
Cullen Frost Bankers Inc. cut its stake in shares of 3M Company (NYSE:MMM) by 3.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,525 shares of the conglomerate’s stock after selling 1,209 shares during the period. Cullen Frost Bankers Inc.’s holdings in 3M were worth $8,021,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Beach Investment Management LLC. purchased a new stake in shares of 3M during the second quarter valued at approximately $3,165,000. First Bank & Trust boosted its stake in shares of 3M by 29.8% in the second quarter. First Bank & Trust now owns 1,714 shares of the conglomerate’s stock valued at $357,000 after buying an additional 394 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of 3M by 5.7% in the second quarter. IFP Advisors Inc now owns 30,468 shares of the conglomerate’s stock valued at $6,343,000 after buying an additional 1,655 shares during the last quarter. Princeton Capital Management Inc. purchased a new stake in shares of 3M during the second quarter valued at approximately $203,000. Finally, Oakworth Capital Inc. boosted its stake in shares of 3M by 4.6% in the second quarter. Oakworth Capital Inc. now owns 7,287 shares of the conglomerate’s stock valued at $1,518,000 after buying an additional 320 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Company (NYSE MMM) opened at 202.92 on Wednesday. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The firm’s 50-day moving average price is $206.57 and its 200-day moving average price is $198.51. The company has a market cap of $121.10 billion, a PE ratio of 23.15 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.08 EPS. Equities analysts predict that 3M Company will post $8.94 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be issued a $1.175 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.32%. 3M’s dividend payout ratio is currently 53.59%.
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Several equities research analysts recently commented on the company. Jefferies Group LLC reissued a “buy” rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, August 16th. Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price target on shares of 3M in a research note on Friday, July 28th. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Citigroup Inc. lowered their price target on 3M from $230.00 to $228.00 and set a “buy” rating for the company in a research note on Wednesday, July 26th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $190.00 price target (down previously from $191.00) on shares of 3M in a research note on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $206.68.
In other news, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now owns 5,503 shares in the company, valued at $1,134,498.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,112 shares of company stock worth $1,878,890. 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.
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