Walter & Keenan Financial Consulting Co. MI ADV Lowers Holdings in 3M Co (NYSE:MMM)
Walter & Keenan Financial Consulting Co. MI ADV lessened its stake in 3M Co (NYSE:MMM) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,825 shares of the conglomerate’s stock after selling 598 shares during the quarter. 3M accounts for approximately 1.3% of Walter & Keenan Financial Consulting Co. MI ADV’s holdings, making the stock its 25th biggest position. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in 3M were worth $2,916,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV raised its position in 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after buying an additional 101 shares during the last quarter. Weaver Consulting Group bought a new stake in shares of 3M during the 1st quarter valued at about $32,000. Cordasco Financial Network grew its stake in shares of 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after purchasing an additional 110 shares during the period. Capital Financial Planning LLC bought a new stake in shares of 3M during the 4th quarter valued at about $34,000. Finally, Arcus Capital Partners LLC bought a new stake in shares of 3M during the 2nd quarter valued at about $35,000. 67.55% of the stock is owned by hedge funds and other institutional investors.
In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the transaction, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David B. Dillon acquired 1,200 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average price of $169.50 per share, with a total value of $203,400.00. Following the completion of the purchase, the director now owns 1,200 shares in the company, valued at approximately $203,400. The disclosure for this purchase can be found here. Insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.59 EPS. On average, analysts forecast that 3M Co will post 9.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be paid a dividend of $1.44 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.60%. 3M’s dividend payout ratio (DPR) is presently 55.07%.
A number of equities research analysts have issued reports on the company. Deutsche Bank cut their price target on 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research note on Friday, April 26th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 price target for the company in a research note on Monday, July 29th. Wolfe Research set a $174.00 price target on 3M and gave the company a “sell” rating in a research note on Friday, April 26th. Barclays restated a “sell” rating and set a $162.00 price target on shares of 3M in a research note on Thursday, June 6th. Finally, Credit Suisse Group boosted their price target on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus target price of $182.54.
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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