LaFleur & Godfrey LLC bought a new position in shares of 3M Company (NYSE:MMM) during the first quarter, according to its most recent disclosure with the SEC. The fund bought 22,265 shares of the conglomerate’s stock, valued at approximately $4,260,000.
Other large investors also recently bought and sold shares of the company. Sumitomo Mitsui Asset Management Company LTD raised its stake in 3M Company by 8.4% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 64,722 shares of the conglomerate’s stock worth $12,383,000 after buying an additional 5,016 shares during the last quarter. Wetherby Asset Management Inc. raised its position in shares of 3M Company by 2.4% in the first quarter. Wetherby Asset Management Inc. now owns 14,096 shares of the conglomerate’s stock worth $2,697,000 after buying an additional 326 shares in the last quarter. Agran Libbie acquired a new position in shares of 3M Company during the first quarter worth $3,030,000. Reilly Herbert Faulkner III raised its position in shares of 3M Company by 2.1% in the first quarter. Reilly Herbert Faulkner III now owns 23,834 shares of the conglomerate’s stock worth $4,560,000 after buying an additional 479 shares in the last quarter. Finally, Lourd Capital LLC raised its position in shares of 3M Company by 0.3% in the first quarter. Lourd Capital LLC now owns 5,015 shares of the conglomerate’s stock worth $960,000 after buying an additional 14 shares in the last quarter. 65.74% of the stock is currently owned by hedge funds and other institutional investors.
3M Company (NYSE MMM) opened at 212.61 on Tuesday. The company has a 50 day moving average price of $202.29 and a 200 day moving average price of $188.66. The stock has a market capitalization of $126.98 billion, a price-to-earnings ratio of 25.71 and a beta of 1.10. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. 3M Company also saw unusually large options trading activity on Monday. Stock investors purchased 652 put options on the stock. This is an increase of approximately 398% compared to the average daily volume of 131 put options.
3M Company (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 25th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.09. 3M Company had a net margin of 16.78% and a return on equity of 44.95%. The company had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.48 billion. During the same quarter in the prior year, the firm earned $1.95 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. Equities research analysts predict that 3M Company will post $8.95 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were given a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Wednesday, May 17th. 3M Company’s dividend payout ratio is 56.83%.
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A number of research analysts have weighed in on the company. Zacks Investment Research raised 3M Company from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research note on Monday, June 19th. Morgan Stanley increased their price target on 3M Company from $178.00 to $193.00 and gave the stock an “underweight” rating in a research note on Friday, June 9th. Bank of America Corporation reissued a “buy” rating and set a $225.00 price target (up previously from $208.00) on shares of 3M Company in a research note on Tuesday, June 6th. Citigroup Inc. reissued a “buy” rating and set a $229.00 price target (up previously from $220.00) on shares of 3M Company in a research note on Saturday, June 3rd. Finally, Jefferies Group LLC reissued a “buy” rating and set a $234.00 price target on shares of 3M Company in a research note on Thursday, June 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. 3M Company has a consensus rating of “Hold” and an average price target of $201.10.
In other news, insider James L. Bauman sold 14,616 shares of the stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the completion of the sale, the insider now owns 16,458 shares of the company’s stock, valued at $3,222,640.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jon T. Lindekugel sold 1,300 shares of the stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $197.22, for a total transaction of $256,386.00. Following the sale, the insider now directly owns 2,238 shares of the company’s stock, valued at approximately $441,378.36. The disclosure for this sale can be found here. Insiders have sold 33,698 shares of company stock valued at $6,593,443 in the last three months. 0.58% of the stock is owned by insiders.
3M Company Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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