Wedge Capital Management LLP NC reduced its equity position by 3M (NYSE: MMM – Get a rating) by 2.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The company held 101,633 shares of the conglomerate after selling 2,147 shares during the period. Wedge Capital Management LLP NC’s holdings in 3M were worth $15,131,000 at the end of last quarter.
A number of other hedge funds have also recently changed their holdings to MMM. Norges Bank purchased a new stake in 3M during the fourth quarter worth approximately $596,325,000. Cullen Capital Management LLC purchased a new stake in 3M during the fourth quarter worth approximately $186,687,000. Allspring Global Investments Holdings LLC purchased a new stake in 3M during the fourth quarter worth approximately $92,441,000. State Street Corp increased its position in 3M by 1.5% in the fourth quarter. State Street Corp now owns 30,979,936 shares of the conglomerate valued at $5,502,966,000 after purchasing an additional 450,546 shares last quarter. Finally, Lazard Frères Gestion SAS acquired a new stake in 3M during the fourth quarter valued at approximately $67,950,000. 67.22% of the shares are currently held by institutional investors.
Shares of Stock MMM opened at $130.15 on Friday. The stock has a 50-day moving average of $144.79 and a 200-day moving average of $155.60. The company has a current ratio of 1.58, a quick ratio of 1.00 and a debt ratio of 0.99. The stock has a market capitalization of $74.06 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.26 and a beta of 0.92. 3M has a 12-month low of $128.19 and a 12-month high of $203.21.
3M (NYSE: MMM – Get a rating) last announced its quarterly results on Tuesday, April 26. The conglomerate reported earnings per share of $2.65 for the quarter, beating the consensus estimate of $2.33 by $0.32. The company posted revenue of $8.80 billion in the quarter, compared to analysts’ expectations of $8.75 billion. 3M had a return on equity of 39.35% and a net margin of 15.84%. 3M’s quarterly revenue fell 0.6% year over year. During the same period last year, the company earned earnings per share of $2.77. On average, research analysts predict that 3M will post earnings per share of 10.84 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 12. Shareholders of record on Friday, May 20 received a dividend of $1.49. This represents a dividend of $5.96 on an annualized basis and a dividend yield of 4.58%. The ex-dividend date was Thursday, May 19. 3M’s dividend payout ratio (DPR) is currently 62.02%.
MMM has been the subject of several recent analyst reports. StockNews.com launched coverage on 3M in a report on Thursday, March 31. They issued a “holding” rating for the company. Barclays lowered its price target on 3M from $155.00 to $146.00 and set an “underweight” rating for the company in a Wednesday, April 27 report. Credit Suisse Group lowered its price target on 3M from $173.00 to $161.00 and set a “neutral” rating for the company in a Wednesday, April 27 report. UBS Group lowered its price target on 3M from $168.00 to $118.00 and set a “sell” rating for the company in a Friday, March 11 report. Finally, Jefferies Financial Group lowered its price target on 3M from $161.00 to $145.00 in a Thursday, June 16 report. Five research analysts rated the stock with a sell rating, ten assigned a hold rating and one assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $164.00.
In other news, CEO Michael F. Roman sold 10,610 shares of the company in a trade that took place on Tuesday, May 3. The stock was sold at an average price of $146.21, for a total value of $1,551,288.10. Following the completion of the sale, the CEO now directly owns 90,361 shares of the company, valued at $13,211,681.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. Also, insider Mojdeh Poul sold 1,634 shares of the company in a trade that took place on Tuesday, May 17. The shares were sold at an average price of $151.68, for a total value of $247,845.12. Following the completion of the sale, the insider now owns 7,637 shares of the company, valued at $1,158,380.16. Disclosure of this sale can be found here. 0.34% of the shares are held by insiders.
About 3M (Get a rating)
3M Company operates as a diversified technology company around the world. It operates through four segments: Security and Industry; Transportation and Electronics; Health care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishes for metalworking applications; body 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 colored mineral granules for shingles.
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