Trustmark National Bank Trust Department grew its stake in shares of 3M Co (NYSE:MMM) by 7.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,342 shares of the conglomerate’s stock after acquiring an additional 288 shares during the period. Trustmark National Bank Trust Department’s holdings in 3M were worth $593,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. FMR LLC boosted its stake in shares of 3M by 25.1% during the 4th quarter. FMR LLC now owns 2,335,961 shares of the conglomerate’s stock valued at $412,110,000 after purchasing an additional 469,237 shares in the last quarter. Soltis Investment Advisors LLC purchased a new stake in 3M during the fourth quarter valued at $588,000. Cpwm LLC raised its stake in 3M by 25.3% during the fourth quarter. Cpwm LLC now owns 4,110 shares of the conglomerate’s stock valued at $725,000 after purchasing an additional 829 shares in the last quarter. Acadian Asset Management LLC raised its stake in 3M by 2,449.3% during the fourth quarter. Acadian Asset Management LLC now owns 120,200 shares of the conglomerate’s stock valued at $21,206,000 after purchasing an additional 115,485 shares in the last quarter. Finally, Stephenson National Bank & Trust purchased a new stake in 3M during the fourth quarter valued at $326,000. 65.83% of the stock is owned by institutional investors.
Several research analysts have issued reports on the stock. Citigroup increased their target price on shares of 3M from $146.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Gordon Haskett cut shares of 3M from a “hold” rating to an “underperform” rating in a report on Monday, March 30th. Bank of America raised their price target on shares of 3M from $165.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Morgan Stanley lifted their target price on shares of 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Finally, Langenberg & Company raised shares of 3M to a “buy” rating and set a $180.00 price target for the company in a research report on Thursday, April 9th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $161.85.
In other news, CEO Michael F. Roman sold 7,894 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the sale, the chief executive officer now directly owns 57,868 shares of the company’s stock, valued at $8,604,971.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael G. Vale sold 14,062 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $148.34, for a total value of $2,085,957.08. Following the sale, the executive vice president now directly owns 46,900 shares in the company, valued at $6,957,146. The disclosure for this sale can be found here. Insiders have sold a total of 40,184 shares of company stock valued at $5,930,874 in the last quarter. 0.42% of the stock is currently owned by insiders.
Shares of NYSE MMM traded down $8.47 during midday trading on Thursday, hitting $155.43. The stock had a trading volume of 2,531,124 shares, compared to its average volume of 4,402,125. The company has a market capitalization of $96.29 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 2.23 and a beta of 0.99. 3M Co has a 1-year low of $114.04 and a 1-year high of $187.72. The company has a quick ratio of 1.19, a current ratio of 1.65 and a debt-to-equity ratio of 1.94. The company has a fifty day moving average price of $150.58 and a 200 day moving average price of $157.64.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.13. The company had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 50.24% and a net margin of 15.37%. 3M’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.23 EPS. On average, research analysts forecast that 3M Co will post 7.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 22nd will be given a dividend of $1.47 per share. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $5.88 dividend on an annualized basis and a yield of 3.78%. 3M’s dividend payout ratio (DPR) is presently 64.62%.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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