3M Co. (MMM) Stake Boosted by Trust Co. of Oklahoma
Trust Co. of Oklahoma boosted its position in 3M Co. (NYSE:MMM) by 2.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,967 shares of the company’s stock after buying an additional 205 shares during the period. Trust Co. of Oklahoma’s holdings in 3M were worth $1,404,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in MMM. Emerald Acquisition Ltd. purchased a new stake in shares of 3M during the second quarter worth about $179,251,000. Vanguard Group Inc. raised its stake in shares of 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the company’s stock worth $7,387,096,000 after buying an additional 822,712 shares during the period. Bank of Montreal Can purchased a new stake in shares of 3M during the second quarter worth about $135,349,000. Alliancebernstein L.P. raised its stake in shares of 3M by 44.1% in the second quarter. Alliancebernstein L.P. now owns 1,953,252 shares of the company’s stock worth $342,053,000 after buying an additional 598,174 shares during the period. Finally, Jarislowsky Fraser Ltd raised its stake in shares of 3M by 68.3% in the second quarter. Jarislowsky Fraser Ltd now owns 1,337,030 shares of the company’s stock worth $147,298,000 after buying an additional 542,697 shares during the period. 63.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) traded up 0.16% on Tuesday, reaching $172.77. 1,483,189 shares of the company’s stock traded hands. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27. The stock has a 50-day moving average price of $170.01 and a 200-day moving average price of $173.91. The company has a market cap of $103.92 billion, a PE ratio of 21.78 and a beta of 1.04.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, topping the Zacks’ consensus estimate of $2.14 by $0.01. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.72 billion. 3M had a net margin of 16.40% and a return on equity of 42.27%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 earnings per share. Equities research analysts anticipate that 3M Co. will post $8.17 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Wednesday, November 16th. 3M’s payout ratio is presently 55.92%.
MMM has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, November 15th. Goldman Sachs Group Inc. lowered shares of 3M from a “neutral” rating to a “sell” rating and cut their price target for the stock from $172.96 to $159.00 in a report on Monday, November 21st. Barclays PLC raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $171.00 to $194.00 in a research note on Monday, October 24th. Credit Suisse Group AG lifted their target price on shares of 3M from $186.00 to $195.00 and gave the company an “outperform” rating in a research note on Wednesday, September 7th. Finally, Royal Bank Of Canada cut their target price on shares of 3M from $159.00 to $155.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 26th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $170.80.
In other news, insider Julie L. Bushman sold 10,424 shares of the company’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $173.02, for a total value of $1,803,560.48. Following the transaction, the insider now directly owns 32,717 shares in the company, valued at $5,660,695.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Eric D. Hammes sold 504 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $173.69, for a total transaction of $87,539.76. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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