3M Co (NYSE:MMM) Shares Sold by Tweedy Browne Co LLC
Tweedy Browne Co LLC cut its position in 3M Co (NYSE:MMM) by 0.6% during the second quarter, Holdings Channel reports. The firm owned 353,196 shares of the conglomerate’s stock after selling 2,013 shares during the period. 3M makes up approximately 2.2% of Tweedy Browne Co LLC’s portfolio, making the stock its 12th largest position. Tweedy Browne Co LLC’s holdings in 3M were worth $61,223,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Pegasus Asset Management Inc. increased its holdings in shares of 3M by 5.8% in the second quarter. Pegasus Asset Management Inc. now owns 10,179 shares of the conglomerate’s stock valued at $1,764,000 after purchasing an additional 554 shares during the period. Ausdal Financial Partners Inc. increased its holdings in shares of 3M by 48.7% in the second quarter. Ausdal Financial Partners Inc. now owns 2,393 shares of the conglomerate’s stock valued at $425,000 after purchasing an additional 784 shares during the period. National Asset Management Inc. increased its holdings in shares of 3M by 154.1% in the second quarter. National Asset Management Inc. now owns 6,757 shares of the conglomerate’s stock valued at $1,183,000 after purchasing an additional 4,098 shares during the period. FTB Advisors Inc. grew its holdings in 3M by 1.5% during the second quarter. FTB Advisors Inc. now owns 14,665 shares of the conglomerate’s stock worth $2,541,000 after acquiring an additional 218 shares during the period. Finally, Wintrust Investments LLC grew its holdings in 3M by 8.7% during the second quarter. Wintrust Investments LLC now owns 2,558 shares of the conglomerate’s stock worth $443,000 after acquiring an additional 205 shares during the period. 66.84% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently commented on MMM shares. Morgan Stanley raised their target price on 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Barclays reaffirmed a “sell” rating and set a $162.00 target price on shares of 3M in a report on Thursday, June 6th. Wolfe Research set a $174.00 target price on 3M and gave the stock a “sell” rating in a report on Friday, April 26th. Deutsche Bank dropped their target price on 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Finally, Gordon Haskett lowered 3M from a “buy” rating to a “hold” rating and set a $191.98 target price on the stock. in a report on Monday, April 29th. Four 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’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $182.54.
MMM stock traded up $0.89 during mid-day trading on Wednesday, reaching $161.90. 64,032 shares of the company’s stock were exchanged, compared to its average volume of 3,281,698. The company has a market cap of $92.91 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 1.83 and a beta of 1.09. The stock’s 50 day moving average is $169.71 and its 200 day moving average is $186.79. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. 3M Co has a 12-month low of $155.63 and a 12-month high of $219.75.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. The company had revenue of $8.17 billion for 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%. 3M’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.59 earnings per share. On average, research analysts forecast that 3M Co will post 9.28 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be given a dividend of $1.44 per share. The ex-dividend date is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.56%. 3M’s dividend 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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