Whitener Capital Management Inc. Increases Position in 3M Co (NYSE:MMM)

Whitener Capital Management Inc. lifted its holdings in 3M Co (NYSE:MMM) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,840 shares of the conglomerate’s stock after purchasing an additional 135 shares during the period. Whitener Capital Management Inc.’s holdings in 3M were worth $665,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in MMM. Norges Bank purchased a new position in shares of 3M in the 4th quarter valued at about $918,305,000. Ronna Sue Cohen increased its stake in shares of 3M by 20,703.2% in the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after purchasing an additional 2,672,577 shares in the last quarter. Thoroughbred Financial Services LLC increased its stake in shares of 3M by 17,524.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock valued at $168,081,000 after purchasing an additional 1,671,269 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares in the last quarter. Finally, Jensen Investment Management Inc. increased its stake in shares of 3M by 15.8% in the 2nd quarter. Jensen Investment Management Inc. now owns 2,296,670 shares of the conglomerate’s stock valued at $398,105,000 after purchasing an additional 312,811 shares in the last quarter. Hedge funds and other institutional investors own 67.55% of the company’s stock.

MMM has been the subject of several recent analyst reports. Citigroup cut their price target on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. Bank of America lowered their price objective on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Deutsche Bank lowered their price objective on 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Wolfe Research set a $174.00 price objective on 3M and gave the stock a “sell” rating in a report on Friday, April 26th. Finally, UBS Group lowered their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Four 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. The stock has a consensus rating of “Hold” and a consensus target price of $182.54.

In other news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.83% of the company’s stock.

MMM stock traded up $4.66 during trading on Friday, hitting $161.50. The stock had a trading volume of 3,434,000 shares, compared to its average volume of 3,114,157. 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 twelve month low of $155.63 and a twelve month high of $219.75. The stock has a market capitalization of $91.36 billion, a P/E ratio of 15.44, a PEG ratio of 1.68 and a beta of 1.09. The company’s 50-day moving average price is $170.65 and its two-hundred day moving average price is $187.36.

3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.59 EPS. As a group, sell-side analysts expect that 3M Co will post 9.28 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be issued a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s dividend payout ratio is currently 55.07%.

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

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