Global Trust Asset Management LLC Takes $189,000 Position in 3M Co (MMM)
Global Trust Asset Management LLC bought a new stake in shares of 3M Co (NYSE:MMM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 800 shares of the conglomerate’s stock, valued at approximately $189,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Lenox Wealth Advisors Inc. lifted its stake in shares of 3M by 16,300.0% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after buying an additional 489 shares in the last quarter. Horan Capital Management purchased a new stake in 3M in the 4th quarter worth $123,000. MPS Loria Financial Planners LLC purchased a new stake in 3M in the 2nd quarter worth $124,000. Hoertkorn Richard Charles purchased a new stake in 3M in the 3rd quarter worth $126,000. Finally, Sawyer & Company Inc purchased a new stake in 3M in the 4th quarter worth $138,000. Institutional investors own 66.09% of the company’s stock.
Shares of 3M Co (NYSE:MMM) opened at $231.36 on Wednesday. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. The stock has a market cap of $136,482.64, a PE ratio of 24.99, a PEG ratio of 2.13 and a beta of 1.08. 3M Co has a 1 year low of $180.15 and a 1 year high of $259.77.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a dividend yield of 2.35%. This is a boost from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s dividend payout ratio is currently 59.34%.
MMM has been the topic of several research analyst reports. Argus reiterated a “buy” rating on shares of 3M in a research note on Friday, December 22nd. Citigroup boosted their price target on shares of 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Royal Bank of Canada reiterated a “hold” rating and issued a $254.00 price target on shares of 3M in a research note on Thursday, January 25th. ValuEngine cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Goldman Sachs Group upgraded shares of 3M from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $194.00 to $229.00 in a research note on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $252.12.
In other news, insider Hak Cheol Shin sold 8,385 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $247.20, for a total transaction of $2,072,772.00. Following the sale, the insider now directly owns 120,105 shares in the company, valued at approximately $29,689,956. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Inge G. Thulin sold 35,236 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total transaction of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares in the company, valued at $63,757,665.22. The disclosure for this sale can be found here. Insiders have sold a total of 49,673 shares of company stock worth $12,420,577 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.
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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