FLC Capital Advisors Purchases 152 Shares of 3M Co (NYSE:MMM)
FLC Capital Advisors grew its position in shares of 3M Co (NYSE:MMM) by 3.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,017 shares of the conglomerate’s stock after purchasing an additional 152 shares during the period. FLC Capital Advisors’ holdings in 3M were worth $849,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of 3M by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,801,633 shares of the conglomerate’s stock worth $343,284,000 after purchasing an additional 37,553 shares during the last quarter. Geode Capital Management LLC grew its position in shares of 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after acquiring an additional 353,754 shares during the last quarter. Impax Asset Management Group plc grew its position in shares of 3M by 3.6% during the fourth quarter. Impax Asset Management Group plc now owns 179,897 shares of the conglomerate’s stock worth $34,278,000 after acquiring an additional 6,297 shares during the last quarter. Sontag Advisory LLC bought a new position in shares of 3M during the fourth quarter worth about $117,000. Finally, Miramar Capital LLC bought a new position in shares of 3M during the fourth quarter worth about $3,294,000. 66.84% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently commented on the stock. Gordon Haskett lowered shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a research report on Monday, April 29th. Citigroup cut their price target on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Argus downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the company a “hold” rating in a report on Friday, July 26th. Finally, Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price target for the company in a report on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $182.54.
MMM traded up $0.77 during midday trading on Monday, reaching $162.27. 56,351 shares of the company were exchanged, compared to its average volume of 3,225,629. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a one year low of $155.63 and a one year high of $219.75. The stock has a market capitalization of $90.23 billion, a P/E ratio of 15.58, a PEG ratio of 1.78 and a beta of 1.09. The stock’s 50-day simple moving average is $170.65 and its 200 day simple moving average is $187.36.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the previous year, the business posted $2.59 EPS. 3M’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, research analysts anticipate that 3M Co will post 9.28 earnings per share 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 issued a $1.44 dividend. This represents a $5.76 annualized dividend and a yield of 3.55%. The ex-dividend date is Thursday, August 15th. 3M’s payout ratio is currently 55.07%.
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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