OLD Republic International Corp Acquires 140,500 Shares of 3M Co (MMM)
OLD Republic International Corp raised its holdings in shares of 3M Co (NYSE:MMM) by 1,756.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,500 shares of the conglomerate’s stock after buying an additional 140,500 shares during the period. OLD Republic International Corp’s holdings in 3M were worth $28,295,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. IMS Capital Management bought a new stake in shares of 3M in the third quarter worth $108,000. Arlington Partners LLC increased its stake in shares of 3M by 177.8% in the fourth quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock worth $119,000 after buying an additional 400 shares during the last quarter. NuWave Investment Management LLC increased its stake in shares of 3M by 118.6% in the fourth quarter. NuWave Investment Management LLC now owns 634 shares of the conglomerate’s stock worth $121,000 after buying an additional 344 shares during the last quarter. Vectors Research Management LLC bought a new stake in shares of 3M in the third quarter worth $122,000. Finally, Price Capital Management Inc. bought a new stake in shares of 3M in the third quarter worth $126,000. 70.67% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have weighed in on MMM shares. Barclays lowered their target price on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research note on Wednesday, October 24th. Deutsche Bank set a $206.00 target price on shares of 3M and gave the company a “hold” rating in a research note on Wednesday, October 24th. Credit Suisse Group reiterated an “outperform” rating and set a $220.00 target price (down previously from $230.00) on shares of 3M in a research note on Thursday, January 3rd. Royal Bank of Canada lowered their target price on shares of 3M to $223.00 and set an “outperform” rating for the company in a research note on Wednesday, October 24th. Finally, Argus lowered their target price on shares of 3M from $240.00 to $225.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $214.57.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 EPS for the quarter, topping the consensus estimate of $2.28 by $0.03. The business had revenue of $7.95 billion during the quarter, compared to analyst estimates of $7.87 billion. 3M had a net margin of 16.33% and a return on equity of 57.70%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.10 earnings per share. Equities research analysts predict that 3M Co will post 10.67 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Friday, February 15th will be given a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $5.76 annualized dividend and a dividend yield of 2.88%. This is a positive change from 3M’s previous quarterly dividend of $1.36. 3M’s dividend payout ratio is currently 52.01%.
3M declared that its board has approved a stock repurchase program on Tuesday, November 13th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, Chairman Inge G. Thulin sold 13,499 shares of the company’s stock in a transaction dated Wednesday, January 30th. The shares were sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the transaction, the chairman now owns 230,458 shares in the company, valued at $46,091,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.
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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