Heritage Investors Management Corp Sells 3,426 Shares of 3M Co (MMM)
Heritage Investors Management Corp decreased its holdings in 3M Co (NYSE:MMM) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,283 shares of the conglomerate’s stock after selling 3,426 shares during the period. Heritage Investors Management Corp’s holdings in 3M were worth $10,894,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of MMM. Lenox Wealth Advisors Inc. increased its stake in shares of 3M by 16,300.0% in the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after purchasing an additional 489 shares in the last quarter. Horan Capital Management purchased a new position in 3M during the fourth quarter valued at approximately $123,000. Sawyer & Company Inc purchased a new position in 3M during the fourth quarter valued at approximately $138,000. Field & Main Bank purchased a new position in 3M during the fourth quarter valued at approximately $140,000. Finally, Mascoma Wealth Management LLC grew its stake in 3M by 87.5% during the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after acquiring an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 66.17% of the company’s stock.
Several brokerages recently commented on MMM. Vetr cut shares of 3M from a “buy” rating to a “hold” rating and set a $251.35 price objective for the company. in a research note on Tuesday. Barclays began coverage on shares of 3M in a research note on Thursday, February 15th. They set an “underweight” rating and a $235.00 price objective for the company. Deutsche Bank raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $240.00 to $275.00 in a research note on Tuesday, February 13th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a research note on Tuesday, January 30th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $254.00 price objective on shares of 3M in a research note on Thursday, January 25th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $254.02.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The business had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.85 billion. During the same quarter in the previous year, the company earned $1.88 EPS. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. sell-side analysts expect that 3M Co will post 10.59 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be paid a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is currently 59.32%.
In other news, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total value of $8,849,169.04. Following the completion of the sale, the chairman now directly owns 253,873 shares in the company, valued at approximately $63,757,665.22. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Frank R. Jr. Little sold 3,133 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total transaction of $742,051.05. The disclosure for this sale can be found here. In the last three months, insiders sold 52,806 shares of company stock valued at $13,162,628. Corporate insiders own 0.58% of the company’s stock.
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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, , 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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