Lpwm LLC cut its stake in 3M (NYSE:MMM – Get Rating) by 17.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,105 shares of the conglomerate’s stock after selling 452 shares during the period. Lpwm LLC’s holdings in 3M were worth $316,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of 3M by 0.4% in the fourth quarter. BlackRock Inc. now owns 41,810,186 shares of the conglomerate’s stock worth $7,426,745,000 after acquiring an additional 179,402 shares during the last quarter. State Street Corp boosted its position in shares of 3M by 1.5% in the fourth quarter. State Street Corp now owns 30,979,936 shares of the conglomerate’s stock worth $5,502,966,000 after acquiring an additional 450,546 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 3M by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 10,780,080 shares of the conglomerate’s stock worth $1,910,601,000 after acquiring an additional 127,388 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of 3M by 3.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,557,291 shares of the conglomerate’s stock worth $1,875,293,000 after acquiring an additional 361,507 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of 3M by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 5,776,701 shares of the conglomerate’s stock worth $1,026,115,000 after acquiring an additional 171,857 shares during the last quarter. 67.22% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on MMM. Citigroup decreased their target price on shares of 3M from $157.00 to $151.00 in a research report on Wednesday, April 27th. Credit Suisse Group cut their price target on shares of 3M from $173.00 to $161.00 and set a “neutral” rating on the stock in a report on Wednesday, April 27th. Barclays cut their price target on shares of 3M from $155.00 to $146.00 and set an “underweight” rating on the stock in a report on Wednesday, April 27th. Argus lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, April 28th. Finally, UBS Group cut their price target on shares of 3M from $168.00 to $118.00 and set a “sell” rating on the stock in a report on Friday, March 11th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $164.00.
3M (NYSE:MMM – Get Rating) last issued its quarterly earnings results on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.32. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.75 billion. 3M had a net margin of 15.84% and a return on equity of 39.35%. The business’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.77 earnings per share. Equities analysts expect that 3M will post 10.84 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Investors of record on Friday, May 20th were paid a $1.49 dividend. The ex-dividend date of this dividend was Thursday, May 19th. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.57%. 3M’s dividend payout ratio (DPR) is presently 62.02%.
In related news, CEO Michael F. Roman sold 10,610 shares of 3M stock in a transaction on Tuesday, May 3rd. The shares were sold at an average price of $146.21, for a total value of $1,551,288.10. Following the completion of the sale, the chief executive officer now owns 90,361 shares in the company, valued at $13,211,681.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mojdeh Poul sold 1,634 shares of 3M stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $151.68, for a total transaction of $247,845.12. Following the completion of the transaction, the insider now directly owns 7,637 shares of the company’s stock, valued at approximately $1,158,380.16. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.
3M Company Profile (Get Rating)
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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