Carlton Hofferkamp & Jenks Wealth Management LLC raised its stake in shares of 3M Co (NYSE:MMM) by 5.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,693 shares of the conglomerate’s stock after acquiring an additional 275 shares during the period. Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings in 3M were worth $994,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Spearhead Capital Advisors LLC raised its stake in 3M by 15.6% during the 2nd quarter. Spearhead Capital Advisors LLC now owns 21,072 shares of the conglomerate’s stock valued at $3,653,000 after acquiring an additional 2,842 shares during the last quarter. Capital Investment Advisors LLC raised its stake in shares of 3M by 326.0% during the 2nd quarter. Capital Investment Advisors LLC now owns 45,385 shares of the conglomerate’s stock worth $7,867,000 after buying an additional 34,732 shares in the last quarter. Nottingham Advisors Inc. raised its stake in shares of 3M by 19.8% during the 2nd quarter. Nottingham Advisors Inc. now owns 1,617 shares of the conglomerate’s stock worth $280,000 after buying an additional 267 shares in the last quarter. Strategic Family Wealth Counselors L.L.C. raised its stake in shares of 3M by 44.8% during the 2nd quarter. Strategic Family Wealth Counselors L.L.C. now owns 1,938 shares of the conglomerate’s stock worth $336,000 after buying an additional 600 shares in the last quarter. Finally, M. Kraus & Co raised its stake in shares of 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after buying an additional 179 shares in the last quarter. 66.84% of the stock is owned by hedge funds and other institutional investors.
Shares of 3M stock opened at $162.95 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. The firm has a market cap of $90.23 billion, a PE ratio of 15.58, a P/E/G ratio of 1.78 and a beta of 1.09. The business’s fifty day moving average is $169.96 and its two-hundred day moving average is $186.98. 3M Co has a fifty-two week low of $155.63 and a fifty-two week high of $219.75.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Friday, August 16th will be given a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Thursday, August 15th. 3M’s dividend payout ratio (DPR) is currently 55.07%.
MMM has been the subject of a number of analyst reports. Morgan Stanley increased their target price on 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. UBS Group cut their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Citigroup cut their target price on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. 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 research note on Monday, July 29th. Finally, Deutsche Bank lowered their price target on 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. 3M presently has a consensus rating of “Hold” and a consensus target price of $182.54.
In related news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction 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 transaction, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.83% of the company’s stock.
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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