Zullo Investment Group Inc. Purchases 430 Shares of 3M (NYSE:MMM)

Zullo Investment Group Inc. boosted its position in 3M (NYSE:MMMGet Rating) by 23.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,266 shares of the conglomerate’s stock after purchasing an additional 430 shares during the quarter. Zullo Investment Group Inc.’s holdings in 3M were worth $337,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of 3M by 2.8% during the first quarter. BlackRock Inc. now owns 42,996,030 shares of the conglomerate’s stock valued at $6,401,249,000 after acquiring an additional 1,185,844 shares in the last quarter. State Street Corp increased its holdings in shares of 3M by 1.5% during the fourth quarter. State Street Corp now owns 30,979,936 shares of the conglomerate’s stock valued at $5,502,966,000 after acquiring an additional 450,546 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 3M by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock valued at $1,684,639,000 after acquiring an additional 758,126 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of 3M by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 10,780,080 shares of the conglomerate’s stock valued at $1,910,601,000 after acquiring an additional 127,388 shares in the last quarter. Finally, Flossbach Von Storch AG increased its holdings in shares of 3M by 2.1% during the first quarter. Flossbach Von Storch AG now owns 9,169,543 shares of the conglomerate’s stock valued at $1,365,162,000 after acquiring an additional 191,982 shares in the last quarter. Institutional investors own 64.90% of the company’s stock.

Insider Activity

In other news, insider Michael G. Vale sold 36,771 shares of 3M stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the transaction, the insider now directly owns 65,321 shares of the company’s stock, valued at approximately $9,357,886.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP John Patrick Banovetz sold 3,145 shares of 3M stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $150.32, for a total transaction of $472,756.40. Following the transaction, the executive vice president now directly owns 14,084 shares of the company’s stock, valued at approximately $2,117,106.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael G. Vale sold 36,771 shares of 3M stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total value of $5,267,813.46. Following the transaction, the insider now directly owns 65,321 shares in the company, valued at $9,357,886.46. The disclosure for this sale can be found here. Insiders have sold a total of 46,121 shares of company stock valued at $6,644,865 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

3M Trading Up 3.2 %

Shares of NYSE:MMM opened at $123.10 on Friday. The stock has a market capitalization of $70.12 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.25 and a beta of 0.99. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.90 and a current ratio of 1.47. The stock’s 50-day simple moving average is $135.70 and its two-hundred day simple moving average is $141.80. 3M has a 52-week low of $115.98 and a 52-week high of $187.92.

3M (NYSE:MMMGet Rating) last announced its earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.01. The business had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.70 billion. 3M had a return on equity of 39.11% and a net margin of 11.83%. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the firm posted $2.59 earnings per share. Analysts expect that 3M will post 10.4 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Monday, August 22nd will be given a dividend of $1.49 per share. The ex-dividend date of this dividend is Friday, August 19th. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.84%. 3M’s payout ratio is currently 83.24%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wells Fargo & Company reduced their price target on 3M from $144.00 to $125.00 and set an “equal weight” rating for the company in a report on Thursday. Jefferies Financial Group reduced their price objective on 3M from $161.00 to $145.00 in a report on Thursday, June 16th. TheStreet downgraded 3M from a “b-” rating to a “c+” rating in a report on Wednesday, June 29th. UBS Group upgraded 3M from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $118.00 to $126.00 in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on 3M from $155.00 to $127.00 and set a “hold” rating for the company in a report on Friday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $147.43.

3M 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.

Read More

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMMGet Rating).

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.