Gifford Fong Associates Takes $1.92 Million Position in 3M Co (MMM)
Gifford Fong Associates acquired a new stake in 3M Co (NYSE:MMM) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,750 shares of the conglomerate’s stock, valued at approximately $1,918,000.
A number of other institutional investors have also recently made changes to their positions in the stock. Parnassus Investments CA bought a new position in shares of 3M during the second quarter valued at approximately $706,178,000. Charles Schwab Investment Advisory Inc. bought a new position in shares of 3M during the second quarter valued at approximately $213,286,000. Old Mutual Global Investors UK Ltd. grew its holdings in shares of 3M by 2,723.3% during the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,071,810 shares of the conglomerate’s stock valued at $235,283,000 after purchasing an additional 1,033,847 shares during the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of 3M by 21,835.8% during the second quarter. Cornerstone Wealth Management LLC now owns 831,148 shares of the conglomerate’s stock valued at $4,251,000 after purchasing an additional 827,359 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of 3M by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after purchasing an additional 537,325 shares during the last quarter. 66.93% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on the company. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a research report on Tuesday. UBS Group boosted their price objective on 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Morgan Stanley assumed coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective for the company. Barclays reduced their price objective on 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research report on Wednesday, July 25th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $234.00 price objective on shares of 3M in a research report on Wednesday, July 25th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $234.97.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.01. The firm had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.58 earnings per share. analysts predict that 3M Co will post 10.28 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Shareholders of record on Friday, August 24th were given a $1.36 dividend. The ex-dividend date was Thursday, August 23rd. This represents a $5.44 dividend on an annualized basis and a yield of 2.58%. 3M’s dividend payout ratio (DPR) is 59.32%.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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