Coastline Trust Co increased its position in shares of 3M Co (NYSE:MMM) by 4.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,445 shares of the conglomerate’s stock after acquiring an additional 462 shares during the period. Coastline Trust Co’s holdings in 3M were worth $2,170,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Heritage Investors Management Corp lifted its holdings in 3M by 2.4% in the fourth quarter. Heritage Investors Management Corp now owns 54,970 shares of the conglomerate’s stock valued at $10,474,000 after acquiring an additional 1,309 shares during the period. SJA Financial Advisory LLC acquired a new position in 3M during the fourth quarter worth $668,000. Heritage Way Advisors LLC boosted its stake in 3M by 3.1% during the fourth quarter. Heritage Way Advisors LLC now owns 13,316 shares of the conglomerate’s stock worth $2,537,000 after buying an additional 397 shares during the last quarter. Independence Bank of Kentucky boosted its stake in 3M by 382.2% during the fourth quarter. Independence Bank of Kentucky now owns 4,002 shares of the conglomerate’s stock worth $763,000 after buying an additional 3,172 shares during the last quarter. Finally, Ackerman Capital Advisors LLC acquired a new position in 3M during the fourth quarter worth $243,000. 66.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE MMM traded up $1.17 during mid-day trading on Monday, reaching $174.51. The company had a trading volume of 2,015,641 shares, compared to its average volume of 2,762,415. 3M Co has a twelve month low of $159.32 and a twelve month high of $219.75. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38. The firm has a market capitalization of $99.92 billion, a PE ratio of 16.68, a PEG ratio of 1.83 and a beta of 1.09. The stock has a 50 day simple moving average of $168.38.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.30%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is currently 55.07%.
In other 3M news, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the completion of the sale, 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 at this link. Also, Director Gregory R. Page acquired 1,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were bought at an average cost of $179.60 per share, with a total value of $179,600.00. Following the completion of the acquisition, the director now owns 3,000 shares in the company, valued at $538,800. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,200 shares of company stock worth $559,260 in the last 90 days. Company insiders own 0.83% of the company’s stock.
A number of research firms have weighed in on MMM. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Bank of America decreased their price target on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday. Morgan Stanley decreased their target price on 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a research note on Friday, March 22nd. Citigroup decreased their target price on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research report on Monday, June 3rd. Finally, Barclays reaffirmed a “sell” rating and set a $162.00 price objective on shares of 3M in a research report on Thursday, June 6th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $191.15.
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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