Toronto Dominion Bank Decreases Stock Position in 3M Co (NYSE:MMM)
Toronto Dominion Bank decreased its position in shares of 3M Co (NYSE:MMM) by 6.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 378,694 shares of the conglomerate’s stock after selling 24,036 shares during the period. Toronto Dominion Bank’s holdings in 3M were worth $59,079,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Thompson Investment Management Inc. increased its holdings in 3M by 0.7% during the 2nd quarter. Thompson Investment Management Inc. now owns 9,270 shares of the conglomerate’s stock worth $1,446,000 after purchasing an additional 63 shares during the last quarter. Grandfield & Dodd LLC boosted its stake in 3M by 0.6% during the 2nd quarter. Grandfield & Dodd LLC now owns 11,122 shares of the conglomerate’s stock valued at $1,730,000 after acquiring an additional 63 shares during the last quarter. Belpointe Asset Management LLC increased its position in shares of 3M by 0.6% in the 2nd quarter. Belpointe Asset Management LLC now owns 11,245 shares of the conglomerate’s stock worth $1,754,000 after purchasing an additional 65 shares during the last quarter. Granite Investment Advisors LLC raised its stake in shares of 3M by 1.7% in the 2nd quarter. Granite Investment Advisors LLC now owns 3,996 shares of the conglomerate’s stock valued at $623,000 after purchasing an additional 65 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. increased its holdings in shares of 3M by 2.8% in the 2nd quarter. Campbell Newman Asset Management Inc. now owns 2,365 shares of the conglomerate’s stock valued at $369,000 after acquiring an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 64.57% of the company’s stock.
MMM has been the topic of a number of recent research reports. Royal Bank of Canada raised their price target on shares of 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Barclays lifted their target price on 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a research note on Wednesday, July 29th. Morgan Stanley boosted their price objective on 3M from $160.00 to $166.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on 3M from $154.00 to $159.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Finally, Credit Suisse Group increased their price objective on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus price target of $166.23.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. 3M had a return on equity of 46.86% and a net margin of 16.38%. The company had revenue of $7.18 billion for the quarter, compared to the consensus estimate of $7.29 billion. During the same quarter in the previous year, the business earned $2.20 EPS. The company’s quarterly revenue was down 12.2% compared to the same quarter last year. Sell-side analysts forecast that 3M Co will post 8.25 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, September 12th. Stockholders of record on Monday, August 24th were given a dividend of $1.47 per share. The ex-dividend date of this dividend was Friday, August 21st. This represents a $5.88 annualized dividend and a dividend yield of 3.47%. 3M’s dividend payout ratio (DPR) is 64.62%.
In related news, SVP John Patrick Banovetz sold 2,228 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total value of $367,196.68. Following the sale, the senior vice president now directly owns 10,506 shares in the company, valued at approximately $1,731,493.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.42% of the company’s stock.
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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