Gamco Investors INC. ET AL Has $814,000 Stock Position in 3M (NYSE:MMM)

Posted by on Jun 11th, 2023

Gamco Investors INC. ET AL grew its position in 3M (NYSE:MMM – Get Rating) by 9.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,792 shares of the conglomerate’s stock after buying an additional 575 shares during the period. Gamco Investors INC. ET AL’s holdings in 3M were worth $814,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. MADDEN SECURITIES Corp acquired a new position in 3M in the 4th quarter worth $25,000. McElhenny Sheffield Capital Management LLC acquired a new position in 3M in the 4th quarter worth $69,000. US Asset Management LLC acquired a new position in 3M in the 4th quarter worth $27,000. Piershale Financial Group Inc. acquired a new position in 3M in the 4th quarter worth $29,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new position in 3M in the 4th quarter worth $40,000. Institutional investors and hedge funds own 65.61% of the company’s stock.

3M Stock Down 0.9 %

Shares of MMM stock opened at $99.90 on Friday. The stock has a market cap of $55.11 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 1.21 and a beta of 0.95. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.91 and a current ratio of 1.42. 3M has a 52-week low of $92.38 and a 52-week high of $152.30. The firm’s 50-day moving average is $101.64 and its 200-day moving average is $111.26.

3M (NYSE:MMM – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.37. The firm had revenue of $8.03 billion for the quarter, compared to analysts’ expectations of $7.51 billion. 3M had a net margin of 16.31% and a return on equity of 36.48%. The business’s revenue was down 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.65 EPS. Sell-side analysts predict that 3M will post 8.66 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Shareholders of record on Friday, May 19th will be issued a $1.50 dividend. The ex-dividend date is Thursday, May 18th. This represents a $6.00 annualized dividend and a yield of 6.01%. 3M’s dividend payout ratio is currently 62.18%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, June 5th. Wells Fargo & Company reduced their price objective on shares of 3M from $115.00 to $110.00 and set an “equal weight” rating for the company in a research note on Thursday, April 13th. Royal Bank of Canada increased their price objective on shares of 3M from $89.00 to $95.00 in a research note on Wednesday, April 26th. Barclays reduced their price objective on shares of 3M from $105.00 to $103.00 and set an “underweight” rating for the company in a research note on Thursday, April 6th. Finally, Morgan Stanley reduced their price objective on shares of 3M from $110.00 to $103.00 and set an “underweight” rating for the company in a research note on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $122.69.

Insider Buying and Selling at 3M

In other 3M news, insider Khandpur K. Ashish sold 9,432 shares of the stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $99.27, for a total transaction of $936,314.64. Following the transaction, the insider now owns 20,943 shares in the company, valued at approximately $2,079,011.61. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other 3M news, insider Khandpur K. Ashish sold 9,432 shares of the stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $99.27, for a total transaction of $936,314.64. Following the transaction, the insider now owns 20,943 shares in the company, valued at approximately $2,079,011.61. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Eric D. Hammes sold 6,487 shares of the stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $105.33, for a total transaction of $683,275.71. Following the transaction, the executive vice president now owns 10,430 shares in the company, valued at approximately $1,098,591.90. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Profile

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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

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