Kayne Anderson Rudnick Investment Management LLC Lowers Position in 3M Company (MMM)
Kayne Anderson Rudnick Investment Management LLC decreased its stake in shares of 3M Company (NYSE:MMM) by 13.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,965 shares of the conglomerate’s stock after selling 13,104 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in 3M were worth $16,448,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. Howard Capital Management raised its stake in 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 last quarter. Loeb Partners Corp raised its stake in 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 last quarter. TRUE Private Wealth Advisors raised its stake in 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 last quarter. Personal Capital Advisors Corp raised its stake in 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 in the last quarter. Finally, Smithfield Trust Co. raised its stake in 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 in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.
3M Company (MMM) traded down 0.43% on Friday, reaching $203.45. The company’s stock had a trading volume of 318,628 shares. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The firm has a 50-day moving average of $205.81 and a 200 day moving average of $199.25. The company has a market capitalization of $121.41 billion, a price-to-earnings ratio of 23.21 and a beta of 1.08.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.08 earnings per share. On average, equities research analysts anticipate that 3M Company will post $8.94 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is presently 53.59%.
Several equities research analysts recently issued reports on MMM shares. Jefferies Group LLC reissued a “buy” rating and issued a $219.00 target price on shares of 3M in a report on Friday, May 26th. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Citigroup Inc. reissued a “buy” rating and issued a $229.00 target price (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. Bank of America Corporation reissued a “buy” rating and issued a $225.00 target price (up from $208.00) on shares of 3M in a report on Tuesday, June 6th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $191.00 target price (down from $193.00) on shares of 3M in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. 3M has an average rating of “Hold” and an average price target of $206.68.
In related news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the sale, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Insiders sold 9,112 shares of company stock valued at $1,878,890 over the last 90 days. Company insiders own 0.58% of the company’s stock.
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, 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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