Godshalk Welsh Capital Management Inc. decreased its stake in 3M Company (NYSE:MMM) by 4.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,010 shares of the company’s stock after selling 200 shares during the period. Godshalk Welsh Capital Management Inc.’s holdings in 3M Company were worth $707,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of MMM. Norris Perne & French LLP MI boosted its position in 3M Company by 193.9% in the second quarter. Norris Perne & French LLP MI now owns 11,342 shares of the company’s stock valued at $1,986,000 after buying an additional 7,483 shares during the last quarter. Callahan Advisors LLC boosted its position in 3M Company by 9.4% in the second quarter. Callahan Advisors LLC now owns 1,845 shares of the company’s stock valued at $323,000 after buying an additional 158 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in 3M Company by 30.2% in the second quarter. Rehmann Capital Advisory Group now owns 6,128 shares of the company’s stock valued at $1,073,000 after buying an additional 1,421 shares during the last quarter. Investment House LLC boosted its position in 3M Company by 2.1% in the second quarter. Investment House LLC now owns 25,497 shares of the company’s stock valued at $4,465,000 after buying an additional 513 shares during the last quarter. Finally, Wagner Bowman Management Corp boosted its position in 3M Company by 0.3% in the second quarter. Wagner Bowman Management Corp now owns 15,194 shares of the company’s stock valued at $2,660,000 after buying an additional 47 shares during the last quarter. 65.65% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Company (NYSE:MMM) traded up 0.46% during mid-day trading on Friday, reaching $179.00. 1,392,438 shares of the company’s stock traded hands. The company has a market cap of $106.81 billion, a price-to-earnings ratio of 21.94 and a beta of 1.04. 3M Company has a 12 month low of $153.64 and a 12 month high of $182.27. The company has a 50 day moving average of $177.27 and a 200 day moving average of $175.52.
3M Company (NYSE:MMM) last issued its earnings results on Tuesday, January 24th. The company reported $1.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.01. The firm earned $7.33 billion during the quarter, compared to the consensus estimate of $7.35 billion. 3M Company had a return on equity of 43.82% and a net margin of 16.77%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.80 earnings per share. Analysts expect that 3M Company will post $8.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 12th. Stockholders of record on Friday, February 17th will be paid a $1.175 dividend. The ex-dividend date is Wednesday, February 15th. This represents a $4.70 annualized dividend and a dividend yield of 2.63%. This is an increase from 3M Company’s previous quarterly dividend of $1.11. 3M Company’s dividend payout ratio is currently 54.41%.
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Several equities analysts recently commented on MMM shares. Barclays PLC upgraded shares of 3M Company from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $171.00 to $194.00 in a research note on Monday, October 24th. Royal Bank Of Canada dropped their price objective on shares of 3M Company from $159.00 to $155.00 and set an “underperform” rating for the company in a research note on Wednesday, October 26th. RBC Capital Markets restated an “underperform” rating and issued a $155.00 price objective (down previously from $159.00) on shares of 3M Company in a research note on Wednesday, October 26th. Zacks Investment Research cut shares of 3M Company from a “hold” rating to a “sell” rating in a research note on Friday, October 28th. Finally, Goldman Sachs Group, Inc. (The) cut shares of 3M Company from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $172.96 to $159.00 in a research note on Monday, November 21st. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. 3M Company has a consensus rating of “Hold” and a consensus target price of $180.17.
In other news, VP Eric D. Hammes sold 504 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $173.69, for a total value of $87,539.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Eric D. Hammes sold 436 shares of the company’s stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of $174.00, for a total value of $75,864.00. Following the completion of the transaction, the vice president now directly owns 2,261 shares of the company’s stock, valued at approximately $393,414. The disclosure for this sale can be found here. Insiders sold 70,857 shares of company stock valued at $12,507,041 in the last ninety days. 0.58% of the stock is currently owned by insiders.
About 3M Company
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.
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