Rodgers Brothers Inc. reduced its position in shares of 3M (NYSE:MMM) by 30.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,049 shares of the conglomerate’s stock after selling 6,884 shares during the period. Rodgers Brothers Inc.’s holdings in 3M were worth $3,092,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. IronBridge Private Wealth LLC purchased a new position in 3M in the fourth quarter valued at about $26,000. Goodwin Investment Advisory acquired a new position in shares of 3M during the 1st quarter valued at about $33,000. Better Money Decisions LLC acquired a new stake in shares of 3M in the 1st quarter valued at about $38,000. Lederer & Associates Investment Counsel CA acquired a new stake in shares of 3M during the 1st quarter worth approximately $52,000. Finally, Tacita Capital Inc bought a new stake in shares of 3M during the fourth quarter valued at approximately $71,000. Hedge funds and other institutional investors own 66.59% of the company’s stock.
A number of analysts recently weighed in on MMM shares. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 target price on the stock in a research note on Thursday, April 29th. Barclays lifted their price objective on 3M from $163.00 to $180.00 and gave the company an “underweight” rating in a report on Tuesday, April 6th. Royal Bank of Canada upped their target price on shares of 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 28th. Credit Suisse Group lowered shares of 3M from an “outperform” rating to a “neutral” rating and boosted their price target for the company from $210.00 to $212.00 in a research report on Tuesday, July 6th. Finally, Wolfe Research lowered shares of 3M from a “peer perform” rating to an “underperform” rating and dropped their price objective for the stock from $218.00 to $215.00 in a report on Monday, July 12th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $195.17.
3M (NYSE:MMM) last issued its earnings results on Monday, April 26th. The conglomerate reported $2.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.48. 3M had a net margin of 17.34% and a return on equity of 44.00%. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.43 billion. During the same period in the prior year, the firm earned $2.16 EPS. 3M’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, equities research analysts forecast that 3M will post 9.78 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, June 12th. Stockholders of record on Friday, May 21st were paid a dividend of $1.48 per share. The ex-dividend date was Thursday, May 20th. This represents a $5.92 annualized dividend and a dividend yield of 2.98%. 3M’s dividend payout ratio is currently 67.73%.
In related news, VP Ivan K. Fong sold 12,059 shares of the stock in a transaction on Friday, April 30th. The stock was sold at an average price of $198.46, for a total value of $2,393,229.14. Following the sale, the vice president now owns 47,872 shares in the company, valued at approximately $9,500,677.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by insiders.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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