Endurance Wealth Management Inc. Sells 26 Shares of 3M Company (MMM)
Endurance Wealth Management Inc. decreased its position in 3M Company (NYSE:MMM) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,320 shares of the conglomerate’s stock after selling 26 shares during the period. Endurance Wealth Management Inc.’s holdings in 3M were worth $691,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Howard Capital Management raised its position in shares of 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock valued at $1,258,000 after buying an additional 90 shares during the period. Loeb Partners Corp raised its position in shares of 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock valued at $1,646,000 after buying an additional 5,000 shares during the period. TRUE Private Wealth Advisors raised its position in shares of 3M by 16.6% in the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock valued at $489,000 after buying an additional 367 shares during the period. Personal Capital Advisors Corp raised its position in shares of 3M by 10.4% in the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock valued at $29,982,000 after buying an additional 14,830 shares during the period. Finally, Smithfield Trust Co. raised its position in shares of 3M by 0.7% in the first quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock valued at $3,322,000 after buying an additional 122 shares during the period. 66.29% of the stock is currently owned by institutional investors.
3M Company (NYSE MMM) opened at 203.69 on Thursday. The stock has a 50 day moving average price of $206.57 and a 200-day moving average price of $198.51. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The stock has a market cap of $121.56 billion, a P/E ratio of 23.23 and a beta of 1.08.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the previous year, the business posted $2.08 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities analysts expect that 3M Company will post $8.94 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be paid a $1.175 dividend. This represents a $4.70 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Wednesday, August 23rd. 3M’s payout ratio is presently 53.59%.
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MMM has been the topic of several recent analyst reports. BidaskClub lowered 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research note on Monday, June 19th. Bank of America Corporation reiterated a “buy” rating and issued a $225.00 price objective (up previously from $208.00) on shares of 3M in a report on Tuesday, June 6th. Citigroup Inc. reiterated a “buy” rating and issued a $229.00 price objective (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $234.00 price objective on shares of 3M in a report on Thursday, June 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. 3M presently has a consensus rating of “Hold” and an average target price of $206.68.
In related news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the sale, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the sale, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is owned by corporate insiders.
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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