Piedmont Investment Advisors LLC Decreases Holdings in 3M Company (MMM)
Piedmont Investment Advisors LLC reduced its stake in 3M Company (NYSE:MMM) by 0.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 124,972 shares of the conglomerate’s stock after selling 887 shares during the period. Piedmont Investment Advisors LLC’s holdings in 3M were worth $26,018,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in MMM. American Century Companies Inc. increased its holdings in shares of 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after purchasing an additional 852,262 shares during the last quarter. Karp Capital Management Corp increased its holdings in shares of 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after purchasing an additional 493,230 shares during the last quarter. Swiss National Bank increased its holdings in shares of 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after purchasing an additional 447,900 shares during the last quarter. Capital Research Global Investors acquired a new position in shares of 3M in the second quarter valued at $89,237,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after purchasing an additional 300,345 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.
In other 3M news, insider Paul A. Keel sold 4,965 shares of 3M 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 transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 over the last ninety days. Insiders own 0.58% of the company’s stock.
Several equities analysts have commented on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $234.00 price objective on shares of 3M in a report on Wednesday, August 16th. Morgan Stanley boosted their target price on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research report on Monday, October 2nd. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $210.00 target price on shares of 3M in a research report on Friday, July 28th. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $237.00 target price (up previously from $229.00) on shares of 3M in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $210.10.
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3M Company (NYSE MMM) traded up 0.24% during mid-day trading on Thursday, reaching $217.02. 909,292 shares of the company’s stock were exchanged. The stock has a market cap of $129.51 billion, a price-to-earnings ratio of 24.75 and a beta of 1.09. 3M Company has a one year low of $163.85 and a one year high of $217.61. The stock has a 50-day moving average of $209.34 and a 200-day moving average of $203.88.
3M (NYSE:MMM) last announced its quarterly earnings results 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 company had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $2.08 earnings per share. On average, equities research analysts anticipate that 3M Company will post $8.96 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were paid a $1.175 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a yield of 2.17%. 3M’s dividend payout ratio (DPR) is currently 53.59%.
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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