Macnealy Hoover Investment Management Inc. reduced its holdings in 3M Co (NYSE:MMM) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,852 shares of the conglomerate’s stock after selling 225 shares during the quarter. 3M comprises 1.3% of Macnealy Hoover Investment Management Inc.’s portfolio, making the stock its 29th biggest holding. Macnealy Hoover Investment Management Inc.’s holdings in 3M were worth $1,632,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MMM. Cordasco Financial Network grew its position in shares of 3M by 220.0% in the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after purchasing an additional 110 shares during the last quarter. Capital Financial Planning LLC acquired a new stake in shares of 3M in the fourth quarter valued at about $34,000. Penserra Capital Management LLC acquired a new stake in shares of 3M in the fourth quarter valued at about $35,000. Lake Point Wealth Management acquired a new stake in shares of 3M in the fourth quarter valued at about $37,000. Finally, Intercontinental Wealth Advisors LLC acquired a new stake in shares of 3M in the fourth quarter valued at about $38,000. 67.11% of the stock is currently owned by institutional investors.

MMM stock opened at $166.25 on Tuesday. 3M Co has a twelve month low of $165.61 and a twelve month high of $219.75. The stock has a market cap of $97.47 billion, a P/E ratio of 15.89, a PEG ratio of 1.76 and a beta of 0.99. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.38 and a current ratio of 2.02.

3M (NYSE:MMM) last released its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). The firm had revenue of $7.86 billion for the quarter, compared to analyst estimates of $8.02 billion. 3M had a return on equity of 57.42% and a net margin of 17.43%. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same period last year, the business earned $2.50 earnings per share. On average, sell-side analysts predict that 3M Co will post 9.45 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M’s payout ratio is 55.07%.

MMM has been the topic of a number of recent research reports. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Morgan Stanley decreased their target price on 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a research report on Friday, March 22nd. JPMorgan Chase & Co. decreased their target price on 3M from $154.00 to $143.00 and set an “underweight” rating on the stock in a research report on Friday. Barclays decreased their target price on 3M from $189.00 to $188.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 3rd. Finally, Wolfe Research set a $174.00 target price on 3M and gave the stock a “sell” rating in a research report on Friday, April 26th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. 3M has a consensus rating of “Hold” and a consensus price target of $196.83.

In other 3M news, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the sale, the insider now directly owns 28,092 shares of the company’s stock, valued at $4,766,650.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Inge G. Thulin sold 5,863 shares of 3M stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $207.78, for a total value of $1,218,214.14. Following the sale, the chairman now directly owns 268,188 shares in the company, valued at $55,724,102.64. The disclosure for this sale can be found here. Insiders have acquired 3,200 shares of company stock worth $559,260 over the last ninety days. Company insiders own 0.83% of the company’s stock.

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

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