Hallmark Capital Management Inc. Cuts Position in 3M Company (MMM)
Hallmark Capital Management Inc. cut its stake in 3M Company (NYSE:MMM) by 10.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,397 shares of the conglomerate’s stock after selling 1,274 shares during the period. Hallmark Capital Management Inc.’s holdings in 3M were worth $2,165,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. Somerset Trust Co grew its position in 3M by 0.6% in the second quarter. Somerset Trust Co now owns 19,596 shares of the conglomerate’s stock worth $4,079,000 after acquiring an additional 118 shares in the last quarter. Trust Co. of Toledo NA OH grew its position in 3M by 34.5% in the second quarter. Trust Co. of Toledo NA OH now owns 11,273 shares of the conglomerate’s stock worth $2,347,000 after acquiring an additional 2,890 shares in the last quarter. Cullinan Associates Inc. grew its position in 3M by 2.5% in the second quarter. Cullinan Associates Inc. now owns 63,577 shares of the conglomerate’s stock worth $13,236,000 after acquiring an additional 1,559 shares in the last quarter. CHURCHILL MANAGEMENT Corp grew its position in 3M by 178.4% in the second quarter. CHURCHILL MANAGEMENT Corp now owns 4,221 shares of the conglomerate’s stock worth $879,000 after acquiring an additional 2,705 shares in the last quarter. Finally, First Financial Bank Trust Division grew its position in 3M by 5.3% in the second quarter. First Financial Bank Trust Division now owns 15,105 shares of the conglomerate’s stock worth $3,144,000 after acquiring an additional 764 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.
MMM has been the subject of several analyst reports. Bank of America Corporation restated a “buy” rating and set a $227.00 price target on shares of 3M in a research report on Thursday, September 14th. Morgan Stanley restated an “underweight” rating and set a $191.00 price target (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 price target for the company in a research report on Friday, May 26th. Jefferies Group LLC restated a “buy” rating and set a $219.00 price target on shares of 3M in a research report on Friday, May 26th. Finally, BidaskClub lowered shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $207.35.
In related news, insider Frank R. Jr. Little sold 2,719 shares of 3M 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 transaction, the insider now directly owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $295,110.48. Following the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is owned by corporate insiders.
3M Company (NYSE MMM) traded up 0.06% during mid-day trading on Thursday, hitting $210.64. 565,432 shares of the stock were exchanged. The firm has a market capitalization of $125.70 billion, a price-to-earnings ratio of 24.03 and a beta of 1.08. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.65. The company’s 50-day moving average price is $206.16 and its 200 day moving average price is $201.42.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the prior year, the firm posted $2.08 earnings per share. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts expect that 3M Company will post $8.94 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a dividend of $1.175 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.23%. 3M’s dividend payout ratio is presently 53.59%.
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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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