Cigna Investments Inc. New raised its holdings in 3M Co (NYSE:MMM) by 6.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 16,143 shares of the conglomerate’s stock after acquiring an additional 1,000 shares during the period. Cigna Investments Inc. New’s holdings in 3M were worth $2,204,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of MMM. Tsfg LLC increased its holdings in shares of 3M by 52.7% during the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock worth $27,000 after buying an additional 69 shares during the last quarter. Cascade Investment Advisors Inc. acquired a new stake in shares of 3M during the 1st quarter worth $28,000. Braun Bostich & Associates Inc. acquired a new stake in shares of 3M during the 4th quarter worth $30,000. Stonebridge Financial Planning Group LLC increased its holdings in shares of 3M by 211.3% during the 1st quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock worth $33,000 after buying an additional 150 shares during the last quarter. Finally, IndexIQ Advisors LLC acquired a new stake in shares of 3M during the 4th quarter worth $35,000. Institutional investors own 67.67% of the company’s stock.
NYSE:MMM traded up $0.63 on Friday, reaching $146.44. The stock had a trading volume of 2,440,863 shares, compared to its average volume of 4,029,269. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94. The company has a 50-day moving average of $145.15 and a 200 day moving average of $158.97. The stock has a market cap of $83.87 billion, a P/E ratio of 17.19, a price-to-earnings-growth ratio of 1.94 and a beta of 0.99. 3M Co has a 12-month low of $114.04 and a 12-month high of $187.72.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 22nd will be given a dividend of $1.47 per share. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $5.88 annualized dividend and a dividend yield of 4.02%. 3M’s payout ratio is 64.62%.
In other news, SVP Ty R. Silberhorn sold 14,623 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the transaction, the senior vice president now owns 16,571 shares of the company’s stock, valued at $2,426,988.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael F. Roman sold 7,894 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the transaction, the chief executive officer now directly owns 57,868 shares in the company, valued at approximately $8,604,971.60. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock worth $5,930,874 in the last ninety days. Corporate insiders own 0.42% of the company’s stock.
MMM has been the subject of a number of research reports. Deutsche Bank upped their price target on shares of 3M from $158.00 to $163.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Morgan Stanley upped their price target on shares of 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Gordon Haskett cut shares of 3M from a “hold” rating to an “underperform” rating in a research report on Monday, March 30th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $133.00 price target for the company in a research report on Thursday, April 30th. Finally, Goldman Sachs Group decreased their price target on shares of 3M from $172.00 to $159.00 and set a “neutral” rating for the company in a research report on Friday, March 27th. Three investment 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 stock currently has a consensus rating of “Hold” and an average price target of $161.85.
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.
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