Old Mutual Global Investors UK Ltd. Sells 219,829 Shares of 3M Co (MMM)
Old Mutual Global Investors UK Ltd. cut its holdings in shares of 3M Co (NYSE:MMM) by 85.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,963 shares of the conglomerate’s stock after selling 219,829 shares during the quarter. Old Mutual Global Investors UK Ltd.’s holdings in 3M were worth $8,935,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Lenox Wealth Advisors Inc. lifted its holdings 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 buying an additional 489 shares in the last quarter. Horan Capital Management purchased a new stake in shares of 3M in the fourth quarter worth about $123,000. Sawyer & Company Inc purchased a new stake in shares of 3M in the fourth quarter worth about $138,000. Field & Main Bank purchased a new stake in shares of 3M in the fourth quarter worth about $140,000. Finally, Mascoma Wealth Management LLC lifted its holdings in shares of 3M by 87.5% in the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after buying an additional 350 shares in the last quarter. 66.17% of the stock is currently owned by institutional investors and hedge funds.
In other 3M news, Chairman Inge G. Thulin sold 35,236 shares of the stock in a transaction that occurred on 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 transaction, the chairman now directly owns 253,873 shares in the company, valued at $63,757,665.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $249.76, for a total transaction of $419,846.56. Following the transaction, the chief financial officer now owns 23,562 shares in the company, valued at $5,884,845.12. The disclosure for this sale can be found here. Insiders have sold 52,806 shares of company stock worth $13,162,628 over the last quarter. Company insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last announced its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.07. The business had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. 3M had a net margin of 15.35% and a return on equity of 48.34%. 3M’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the firm posted $1.88 earnings per share. equities analysts anticipate that 3M Co will post 10.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a dividend of $1.36 per share. This is a boost from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently 68.69%.
MMM has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. ValuEngine downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Vetr raised shares of 3M from a “hold” rating to a “buy” rating and set a $250.06 price target on the stock in a report on Monday, February 5th. Barclays initiated coverage on shares of 3M in a report on Thursday, February 15th. They issued an “underweight” rating and a $235.00 price target on the stock. Finally, Hilliard Lyons raised shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target on the stock in a report on Wednesday, January 24th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $254.02.
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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