Tower Bridge Advisors grew its stake in shares of 3M Co (NYSE:MMM) by 18.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,981 shares of the conglomerate’s stock after purchasing an additional 15,528 shares during the quarter. 3M accounts for 1.9% of Tower Bridge Advisors’ investment portfolio, making the stock its 10th biggest position. Tower Bridge Advisors’ holdings in 3M were worth $17,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of MMM. M. Kraus & Co increased its holdings in 3M by 5.2% in the second quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock valued at $629,000 after buying an additional 179 shares during the last quarter. Schafer Cullen Capital Management Inc increased its holdings in 3M by 26.8% in the second quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock valued at $102,384,000 after buying an additional 124,665 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of 3M by 26.8% during the second quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock valued at $77,840,000 after purchasing an additional 94,863 shares during the last quarter. AGF Investments LLC bought a new position in shares of 3M during the second quarter valued at approximately $121,000. Finally, Physicians Financial Services Inc. grew its holdings in shares of 3M by 11.7% during the first quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock valued at $3,503,000 after purchasing an additional 1,763 shares during the last quarter. Institutional investors own 66.84% of the company’s stock.
Several equities analysts have recently commented on MMM shares. Credit Suisse Group upped their target price on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Royal Bank of Canada set a $179.00 target price on 3M and gave the company a “hold” rating in a report on Friday, July 26th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a report on Monday, July 29th. Gordon Haskett lowered 3M from a “buy” rating to a “hold” rating and set a $191.98 target price for the company. in a report on Monday, April 29th. Finally, JPMorgan Chase & Co. lowered their target price on 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. 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 company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $182.54.
3M (NYSE:MMM) last issued its quarterly earnings data 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. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the company posted $2.59 EPS. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, equities analysts expect that 3M Co will post 9.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Friday, August 16th will be given a $1.44 dividend. The ex-dividend date is Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.68%. 3M’s dividend payout ratio (DPR) is 55.07%.
In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the company’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 value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.83% 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.
Recommended Story: CBOE Russell 2000® Volatility Index
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.