Stewart & Patten Co. LLC cut its position in 3M Co. (NYSE:MMM) by 1.4% during the third quarter, Holdings Channel reports. The firm owned 145,124 shares of the company’s stock after selling 2,013 shares during the period. 3M accounts for 5.0% of Stewart & Patten Co. LLC’s portfolio, making the stock its 3rd largest position. Stewart & Patten Co. LLC’s holdings in 3M were worth $25,575,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the company’s stock worth $7,387,096,000 after buying an additional 822,712 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in 3M by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,477,856 shares of the company’s stock worth $2,885,602,000 after buying an additional 527,158 shares during the period. FMR LLC boosted its position in shares of 3M by 5.1% in the second quarter. FMR LLC now owns 8,774,300 shares of the company’s stock worth $1,536,555,000 after buying an additional 425,320 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of 3M by 1.5% in the second quarter. BlackRock Fund Advisors now owns 8,004,556 shares of the company’s stock worth $1,401,758,000 after buying an additional 121,033 shares in the last quarter. Finally, BlackRock Group LTD boosted its position in shares of 3M by 9.1% in the second quarter. BlackRock Group LTD now owns 5,446,580 shares of the company’s stock worth $953,805,000 after buying an additional 453,554 shares in the last quarter. Hedge funds and other institutional investors own 63.20% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 0.144% during midday trading on Wednesday, hitting $178.663. The stock had a trading volume of 256,868 shares. The firm has a 50 day moving average price of $174.75 and a 200-day moving average price of $174.98. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27. The stock has a market cap of $107.46 billion, a PE ratio of 22.527 and a beta of 1.05.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.01. The business earned $7.70 billion during the quarter, compared to the consensus estimate of $7.72 billion. 3M had a net margin of 16.40% and a return on equity of 42.27%. The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.05 earnings per share. Equities analysts predict that 3M Co. will post $8.16 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 12th. Stockholders of record on Friday, November 18th were paid a $1.11 dividend. The ex-dividend date was Wednesday, November 16th. This represents a $4.44 annualized dividend and a dividend yield of 2.48%. 3M’s dividend payout ratio (DPR) is presently 55.92%.
A number of equities analysts recently commented on MMM shares. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $195.00 target price on shares of 3M in a report on Friday, September 16th. Jefferies Group reaffirmed a “buy” rating and issued a $210.00 target price (up from $200.00) on shares of 3M in a report on Monday, November 28th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Tuesday, November 29th. Stifel Nicolaus raised their target price on 3M from $175.00 to $186.00 and gave the stock a “hold” rating in a report on Wednesday, December 14th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a report on Thursday, December 15th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and an average target price of $174.14.
In other 3M news, VP Eric D. Hammes sold 436 shares of the stock in a transaction on Wednesday, December 7th. The shares were sold at an average price of $174.00, for a total transaction of $75,864.00. Following the transaction, the vice president now directly owns 2,261 shares in the company, valued at approximately $393,414. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Julie L. Bushman sold 10,771 shares of the stock in a transaction on Friday, November 4th. The shares were sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the transaction, the insider now owns 34,093 shares in the company, valued at $5,683,644.03. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by 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.
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