3M Co (NYSE:MMM) Shares Bought by Coho Partners Ltd.
Coho Partners Ltd. boosted its holdings in shares of 3M Co (NYSE:MMM) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 460,163 shares of the conglomerate’s stock after buying an additional 16,552 shares during the period. 3M makes up about 2.2% of Coho Partners Ltd.’s holdings, making the stock its 28th largest holding. Coho Partners Ltd.’s holdings in 3M were worth $95,613,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of MMM. Lederer & Associates Investment Counsel CA increased its holdings in shares of 3M by 2.1% in the first quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock worth $501,000 after buying an additional 50 shares during the period. Shine Investment Advisory Services Inc. increased its holdings in shares of 3M by 35.2% in the first quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after buying an additional 50 shares during the period. Peoples Financial Services CORP. increased its holdings in shares of 3M by 0.3% in the first quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock worth $3,330,000 after buying an additional 50 shares during the period. Bfsg LLC increased its holdings in shares of 3M by 0.4% in the first quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock worth $2,926,000 after buying an additional 55 shares during the period. Finally, Nwam LLC increased its holdings in shares of 3M by 1.0% in the first quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock worth $1,216,000 after buying an additional 57 shares during the period. 66.72% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:MMM opened at $168.91 on Wednesday. 3M Co has a 1 year low of $159.32 and a 1 year high of $219.75. The stock has a market cap of $98.01 billion, a P/E ratio of 16.15, a price-to-earnings-growth ratio of 1.76 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.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be given a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $5.76 annualized dividend and a yield of 3.41%. 3M’s payout ratio is 55.07%.
MMM has been the topic of several analyst reports. reiterated a “sell” rating on shares of 3M in a report on Tuesday, February 12th. Morgan Stanley decreased their price objective on 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a report on Friday, March 22nd. JPMorgan Chase & Co. reduced their price target on 3M from $158.00 to $154.00 and set an “underweight” rating on the stock in a report on Friday, March 29th. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Finally, Barclays reduced their price target on 3M from $189.00 to $188.00 and set an “underweight” rating on the stock in a report on Wednesday, April 3rd. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $191.67.
In other news, Director Gregory R. Page acquired 1,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were acquired at an average cost of $176.26 per share, with a total value of $176,260.00. Following the transaction, the director now owns 4,000 shares in the company, valued at approximately $705,040. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Inge G. Thulin sold 5,863 shares of 3M stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $207.78, for a total value of $1,218,214.14. Following the sale, the chairman now directly owns 268,188 shares in the company, valued at $55,724,102.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 3,200 shares of company stock worth $559,260. Insiders own 0.83% of the company’s stock.
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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