3M Co (NYSE:MMM) Stake Boosted by Ronna Sue Cohen

Ronna Sue Cohen increased its holdings in shares of 3M Co (NYSE:MMM) by 20,703.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,685,486 shares of the conglomerate’s stock after acquiring an additional 2,672,577 shares during the quarter. 3M comprises 1.8% of Ronna Sue Cohen’s portfolio, making the stock its 27th biggest holding. Ronna Sue Cohen owned 0.47% of 3M worth $2,685,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Oregon Public Employees Retirement Fund grew its holdings in 3M by 17,350.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock valued at $141,000 after buying an additional 26,742,875 shares in the last quarter. Norges Bank bought a new stake in shares of 3M during the 4th quarter valued at $918,305,000. BlackRock Inc. lifted its position in shares of 3M by 3.0% during the 4th quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock valued at $7,435,433,000 after acquiring an additional 1,152,714 shares during the period. Bessemer Group Inc. lifted its position in shares of 3M by 2,768.8% during the 4th quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock valued at $110,258,000 after acquiring an additional 558,486 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of 3M by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after buying an additional 353,754 shares during the last quarter. 66.72% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE MMM traded down $2.16 during midday trading on Friday, reaching $166.69. The company had a trading volume of 2,719,100 shares, compared to its average volume of 2,758,683. The firm has a market cap of $96.09 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 1.78 and a beta of 1.08. The company has a current ratio of 2.02, a quick ratio of 1.38 and a debt-to-equity ratio of 1.60. 3M Co has a one year low of $159.32 and a one year high of $219.75.

3M (NYSE:MMM) last released its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). 3M had a net margin of 17.43% and a return on equity of 57.42%. The business had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $8.02 billion. During the same period in the previous year, the company earned $2.50 EPS. The company’s revenue for the quarter was down 5.0% on a year-over-year basis. As a group, equities research analysts forecast that 3M Co will post 9.31 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $1.44 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.46%. 3M’s dividend payout ratio (DPR) is 55.07%.

Several equities analysts have commented on MMM shares. JPMorgan Chase & Co. dropped their target price on 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research report on Friday, May 17th. Argus cut 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Morgan Stanley reduced their price objective on 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a research note on Friday, March 22nd. Finally, Bank of America cut 3M from a “buy” rating to a “neutral” rating in a research note on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $191.67.

In related news, insider Joaquin Delgado sold 5,400 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $169.68, for a total value of $916,272.00. Following the transaction, the insider now directly owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Inge G. Thulin sold 5,863 shares of 3M stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $207.78, for a total value of $1,218,214.14. Following the completion of the transaction, the chairman now owns 268,188 shares of the company’s stock, valued at approximately $55,724,102.64. The disclosure for this sale can be found here. Insiders have acquired a total of 3,200 shares of company stock worth $559,260 in the last quarter. Company insiders own 0.83% of the company’s stock.

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3M Company Profile

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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