Cincinnati Specialty Underwriters Insurance CO continued to hold its stake in shares of 3M Co. (NYSE:MMM) during the second quarter, Holdings Channel reports. The fund owned 40,100 shares of the company’s stock at the end of the second quarter. 3M accounts for about 8.4% of Cincinnati Specialty Underwriters Insurance CO’s portfolio, making the stock its 2nd largest position. Cincinnati Specialty Underwriters Insurance CO’s holdings in 3M were worth $7,022,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Reilly Financial Advisors LLC increased its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock valued at $113,000 after buying an additional 178 shares during the last quarter. CenturyLink Investment Management Co purchased a new position in 3M during the second quarter valued at $116,000. Jackson Grant Investment Advisers Inc. increased its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock valued at $124,000 after buying an additional 49 shares during the last quarter. Parasol Investment Management LLC increased its position in 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock valued at $157,000 after buying an additional 100 shares during the last quarter. Finally, Pointe Capital Management LLC purchased a new position in 3M during the second quarter valued at $201,000. 65.67% of the stock is owned by hedge funds and other institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.18% during trading on Friday, hitting $171.33. The company had a trading volume of 2,249,588 shares. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27. The stock has a market capitalization of $103.55 billion, a P/E ratio of 21.87 and a beta of 0.99. The firm’s 50 day moving average is $177.42 and its 200-day moving average is $173.15.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.02 earnings per share. Equities research analysts anticipate that 3M Co. will post $8.21 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s payout ratio is 56.63%.
Several research analysts have recently weighed in on MMM shares. Morgan Stanley reiterated a “sell” rating and set a $168.00 price target on shares of 3M in a research note on Tuesday, August 23rd. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Credit Suisse Group AG restated a “buy” rating and issued a $195.00 target price on shares of 3M in a research note on Friday, September 16th. Deutsche Bank AG restated a “hold” rating and issued a $164.00 target price on shares of 3M in a research note on Thursday, August 25th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $167.11.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the completion of the sale, the vice president now owns 1,011 shares in the company, valued at $180,352.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the sale, the insider now owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.