HITE Hedge Asset Management LLC Continues to Hold Holding in 3M Co (MMM)

HITE Hedge Asset Management LLC Continues to Hold Holding in 3M Co (MMM)

HITE Hedge Asset Management LLC continued to hold its position in 3M Co (NYSE:MMM) during the fourth quarter, Holdings Channel reports. The firm owned 1,280 shares of the company’s stock at the end of the fourth quarter. HITE Hedge Asset Management LLC’s holdings in 3M were worth $229,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its stake in 3M by 167.0% in the third quarter. Venturi Wealth Management LLC now owns 15,860 shares of the company’s stock valued at $2,795,000 after buying an additional 9,920 shares during the period. Wells Fargo & Company MN boosted its stake in 3M by 0.3% in the third quarter. Wells Fargo & Company MN now owns 7,148,070 shares of the company’s stock valued at $1,259,705,000 after buying an additional 23,986 shares during the period. Huntington National Bank boosted its stake in 3M by 26.1% in the third quarter. Huntington National Bank now owns 227,557 shares of the company’s stock valued at $40,103,000 after buying an additional 47,028 shares during the period. Bahl & Gaynor Inc. boosted its stake in 3M by 11.1% in the third quarter. Bahl & Gaynor Inc. now owns 1,228,393 shares of the company’s stock valued at $216,479,000 after buying an additional 123,099 shares during the period. Finally, Cypress Asset Management Inc. TX boosted its stake in 3M by 6.2% in the third quarter. Cypress Asset Management Inc. TX now owns 16,319 shares of the company’s stock valued at $2,876,000 after buying an additional 950 shares during the period. Institutional investors and hedge funds own 65.80% of the company’s stock.

3M Co (NYSE:MMM) opened at 191.33 on Friday. The stock has a market cap of $114.07 billion, a PE ratio of 23.45 and a beta of 1.04. 3M Co has a 52 week low of $163.12 and a 52 week high of $193.50. The firm’s 50-day moving average price is $188.46 and its 200-day moving average price is $177.86.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 24th. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.01. The firm had revenue of $7.33 billion for the quarter, compared to analysts’ expectations of $7.35 billion. 3M had a return on equity of 43.82% and a net margin of 16.77%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.80 earnings per share. Equities analysts predict that 3M Co will post $8.62 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Sunday, March 12th. Stockholders of record on Friday, February 17th were paid a dividend of $1.175 per share. This is a boost from 3M’s previous quarterly dividend of $1.11. The ex-dividend date was Wednesday, February 15th. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.46%. 3M’s dividend payout ratio is currently 54.41%.

Several equities research analysts have weighed in on MMM shares. Vetr cut 3M from a “sell” rating to a “strong sell” rating and set a $163.50 price objective for the company. in a report on Wednesday, February 22nd. Citigroup Inc dropped their price objective on 3M from $206.00 to $204.00 and set a “buy” rating for the company in a report on Wednesday, January 25th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $213.00 price objective for the company in a report on Wednesday. Royal Bank of Canada set a $176.00 price objective on 3M and gave the stock a “hold” rating in a report on Wednesday, January 4th. Finally, Stifel Nicolaus increased their price objective on 3M from $187.00 to $190.00 and gave the stock a “hold” rating in a report on Wednesday, January 25th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $185.29.

In related news, CFO Nicholas C. Gangestad sold 2,888 shares of the stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $181.31, for a total value of $523,623.28. Following the transaction, the chief financial officer now owns 20,071 shares of the company’s stock, valued at $3,639,073.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Paul A. Keel sold 8,440 shares of the stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $181.24, for a total value of $1,529,665.60. Following the completion of the transaction, the insider now directly owns 17,216 shares in the company, valued at approximately $3,120,227.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,785 shares of company stock worth $11,866,885. Insiders own 0.58% of the company’s stock.

About 3M

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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