Bank of Stockton Has $1.85 Million Holdings in 3M Co (MMM)

Bank of Stockton reduced its stake in 3M Co (NYSE:MMM) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,892 shares of the conglomerate’s stock after selling 237 shares during the quarter. 3M accounts for 0.9% of Bank of Stockton’s investment portfolio, making the stock its 24th biggest holding. Bank of Stockton’s holdings in 3M were worth $1,847,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. HC Financial Advisors Inc. boosted its stake in shares of 3M by 49.4% in the 3rd quarter. HC Financial Advisors Inc. now owns 9,522 shares of the conglomerate’s stock valued at $2,006,000 after purchasing an additional 3,147 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of 3M by 2.1% in the 4th quarter. Quadrant Capital Group LLC now owns 6,702 shares of the conglomerate’s stock valued at $1,260,000 after purchasing an additional 140 shares in the last quarter. Advisors Capital Management LLC boosted its stake in shares of 3M by 596.7% in the 4th quarter. Advisors Capital Management LLC now owns 6,800 shares of the conglomerate’s stock valued at $1,296,000 after purchasing an additional 5,824 shares in the last quarter. Clarkston Capital Partners LLC boosted its stake in shares of 3M by 9.8% in the 4th quarter. Clarkston Capital Partners LLC now owns 42,398 shares of the conglomerate’s stock valued at $8,078,000 after purchasing an additional 3,786 shares in the last quarter. Finally, Capital Investment Advisors LLC boosted its stake in shares of 3M by 2.7% in the 4th quarter. Capital Investment Advisors LLC now owns 9,615 shares of the conglomerate’s stock valued at $1,832,000 after purchasing an additional 255 shares in the last quarter. Institutional investors own 67.11% of the company’s stock.

NYSE:MMM opened at $167.30 on Wednesday. 3M Co has a 52 week low of $165.61 and a 52 week high of $219.75. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38. The firm has a market cap of $95.83 billion, a P/E ratio of 15.99, a PEG ratio of 1.76 and a beta of 0.99.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 EPS for the quarter, missing the Zacks’ consensus estimate of $2.50 by ($0.27). 3M had a net margin of 17.43% and a return on equity of 57.42%. The firm had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $8.02 billion. During the same quarter in the prior year, the company earned $2.50 earnings per share. The company’s quarterly revenue was down 5.0% compared to the same quarter last year. Equities research analysts expect that 3M Co will post 9.45 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be issued a dividend of $1.44 per share. The ex-dividend date is Thursday, May 23rd. This represents a $5.76 dividend on an annualized basis and a yield of 3.44%. 3M’s dividend payout ratio is currently 55.07%.

In other 3M news, Chairman Inge G. Thulin sold 5,863 shares of the company’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $207.78, for a total value of $1,218,214.14. Following the completion of the transaction, the chairman now directly owns 268,188 shares in the company, valued at approximately $55,724,102.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Dillon acquired 1,200 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was bought at an average price of $169.50 per share, with a total value of $203,400.00. Following the completion of the acquisition, the director now directly owns 1,200 shares in the company, valued at approximately $203,400. The disclosure for this purchase can be found here. Insiders acquired a total of 3,200 shares of company stock valued at $559,260 over the last 90 days. Company insiders own 0.83% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Morgan Stanley cut their price objective on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a research note on Friday, March 22nd. JPMorgan Chase & Co. cut their price objective on shares of 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research note on Friday, May 17th. Barclays lowered their price target on shares of 3M from $189.00 to $188.00 and set an “underweight” rating for the company in a report on Wednesday, April 3rd. Finally, Wolfe Research set a $174.00 price target on shares of 3M and gave the company a “sell” rating in a report on Friday, April 26th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $196.83.

TRADEMARK VIOLATION WARNING: This story was published by Baseball Daily News and is owned by of Baseball Daily News. If you are reading this story on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The correct version of this story can be accessed at https://www.baseballdailydigest.com/news/2019/05/22/bank-of-stockton-has-1-85-million-holdings-in-3m-co-mmm.html.

About 3M

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.

See Also: What is required to own or exchange cryptocurrency?

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.