Triangle Securities Wealth Management maintained its stake in shares of 3M Co. (NYSE:MMM) during the third quarter, Holdings Channel reports. The firm owned 4,295 shares of the company’s stock at the end of the third quarter. Triangle Securities Wealth Management’s holdings in 3M were worth $757,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of MMM. Joel Isaacson & Co. LLC increased its position in 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock worth $1,326,000 after buying an additional 3,464 shares during the period. Retirement Systems of Alabama increased its position in 3M by 21.8% in the second quarter. Retirement Systems of Alabama now owns 481,728 shares of the company’s stock worth $84,360,000 after buying an additional 86,323 shares during the period. Capstone Asset Management Co. increased its position in 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock worth $25,319,000 after buying an additional 2,879 shares during the period. S&CO Inc. increased its position in 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock worth $11,982,000 after buying an additional 800 shares during the period. Finally, CIBC World Markets Inc. increased its position in 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock worth $14,345,000 after buying an additional 3,988 shares during the period. Institutional investors and hedge funds own 65.53% of the company’s stock.
3M Co. (NYSE:MMM) traded up 0.72% on Friday, reaching $173.49. The company had a trading volume of 945,845 shares. The firm has a market capitalization of $104.35 billion, a P/E ratio of 21.87 and a beta of 1.04. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The company’s 50-day moving average price is $170.01 and its 200 day moving average price is $173.79.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.14 by $0.01. 3M had a net margin of 16.40% and a return on equity of 42.27%. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.72 billion. During the same period in the prior year, the company earned $2.05 earnings per share. The firm’s revenue was up .0% on a year-over-year basis. On average, equities analysts forecast that 3M Co. will post $8.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Friday, November 18th will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.56%. The ex-dividend date is Wednesday, November 16th. 3M’s payout ratio is 55.92%.
A number of equities analysts recently commented on the company. Goldman Sachs Group Inc. cut 3M from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $172.96 to $159.00 in a report on Monday, November 21st. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Friday, October 28th. Royal Bank Of Canada decreased their target price on 3M from $159.00 to $155.00 and set an “underperform” rating on the stock in a report on Wednesday, October 26th. Barclays PLC raised 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $171.00 to $194.00 in a report on Monday, October 24th. Finally, RBC Capital Markets reaffirmed an “underperform” rating and issued a $155.00 target price (down from $159.00) on shares of 3M in a report on Wednesday, October 26th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $170.80.
In other 3M news, insider Julie L. Bushman sold 10,424 shares of the company’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $173.02, for a total value of $1,803,560.48. Following the completion of the transaction, the insider now owns 32,717 shares in the company, valued at $5,660,695.34. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Julie L. Bushman sold 10,771 shares of the company’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the completion of the transaction, the insider now owns 34,093 shares of the company’s stock, valued at approximately $5,683,644.03. The disclosure for this sale can be found here. 0.58% of the stock is currently 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.