Compton Capital Management Inc. RI Boosts Stake in 3M Co (MMM)
Compton Capital Management Inc. RI grew its holdings in 3M Co (NYSE:MMM) by 2.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 14,868 shares of the conglomerate’s stock after purchasing an additional 335 shares during the quarter. 3M comprises 1.4% of Compton Capital Management Inc. RI’s portfolio, making the stock its 17th biggest holding. Compton Capital Management Inc. RI’s holdings in 3M were worth $3,264,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of MMM. Jennison Associates LLC acquired a new position in shares of 3M in the fourth quarter valued at $773,000. Assenagon Asset Management S.A. raised its stake in shares of 3M by 4.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 11,764 shares of the conglomerate’s stock valued at $2,769,000 after purchasing an additional 481 shares in the last quarter. Farmers & Merchants Investments Inc. raised its stake in shares of 3M by 0.6% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 46,306 shares of the conglomerate’s stock valued at $10,899,000 after purchasing an additional 290 shares in the last quarter. Advisor Partners LLC raised its stake in shares of 3M by 4.0% in the fourth quarter. Advisor Partners LLC now owns 17,814 shares of the conglomerate’s stock valued at $4,421,000 after purchasing an additional 687 shares in the last quarter. Finally, Arthur M. Cohen & Associates LLC acquired a new position in shares of 3M in the fourth quarter valued at $705,000. 65.66% of the stock is owned by institutional investors.
A number of brokerages recently commented on MMM. UBS Group cut their target price on 3M from $250.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 26th. Barclays cut their target price on 3M from $235.00 to $230.00 and set an “underweight” rating for the company in a research note on Monday, March 26th. Stifel Nicolaus cut their target price on 3M from $225.00 to $210.00 and set a “hold” rating for the company in a research note on Wednesday, April 25th. Jefferies Group lowered 3M from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $259.77 to $200.00 in a research note on Wednesday, May 16th. Finally, Argus dropped their price objective on 3M from $285.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 25th. Four analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $241.97.
3M (NYSE:MMM) last announced its earnings results on Tuesday, April 24th. The conglomerate reported $2.50 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $2.50. 3M had a return on equity of 50.11% and a net margin of 12.83%. The company had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.21 billion. During the same period last year, the company posted $2.16 earnings per share. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. equities analysts anticipate that 3M Co will post 10.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 12th. Stockholders of record on Friday, May 18th will be paid a $1.36 dividend. The ex-dividend date is Thursday, May 17th. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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