Palladium Partners LLC Has $2.03 Million Position in 3M Company (MMM)
Palladium Partners LLC cut its stake in shares of 3M Company (NYSE:MMM) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,750 shares of the conglomerate’s stock after selling 70 shares during the period. Palladium Partners LLC’s holdings in 3M were worth $2,030,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Capital Investment Counsel Inc increased its position in shares of 3M by 7.0% in the first quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after buying an additional 189 shares during the period. First Command Financial Services Inc. increased its position in shares of 3M by 5.0% in the first quarter. First Command Financial Services Inc. now owns 3,070 shares of the conglomerate’s stock valued at $587,000 after buying an additional 146 shares during the period. Arvest Bank Trust Division increased its position in shares of 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock valued at $448,000 after buying an additional 244 shares during the period. Cribstone Capital Management LLC increased its position in shares of 3M by 29.4% in the first quarter. Cribstone Capital Management LLC now owns 3,018 shares of the conglomerate’s stock valued at $573,000 after buying an additional 685 shares during the period. Finally, Viking Fund Management LLC increased its position in shares of 3M by 31.6% in the first quarter. Viking Fund Management LLC now owns 12,500 shares of the conglomerate’s stock valued at $2,392,000 after buying an additional 3,000 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.
3M Company (NYSE MMM) opened at 202.46 on Tuesday. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The stock’s 50 day moving average is $206.57 and its 200 day moving average is $198.51. The company has a market cap of $120.82 billion, a P/E ratio of 23.09 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for 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%. 3M’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $2.08 earnings per share. On average, equities analysts forecast that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a yield of 2.32%. The ex-dividend date is Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is presently 53.59%.
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Several research analysts recently commented on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Wednesday, August 16th. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a report on Friday, May 26th. Bank of America Corporation reiterated a “buy” rating and issued a $225.00 target price (up previously from $208.00) on shares of 3M in a report on Tuesday, June 6th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $190.00 target price (down previously from $191.00) on shares of 3M in a report on Wednesday, July 26th. Two investment 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. 3M has an average rating of “Hold” and an average price target of $206.68.
In other 3M news, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the company’s 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 sale, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,112 shares of company stock worth $1,878,890. 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, 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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