3M Co (NYSE:MMM) Shares Sold by Pinnacle Holdings LLC
Pinnacle Holdings LLC trimmed its position in shares of 3M Co (NYSE:MMM) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,907 shares of the conglomerate’s stock after selling 177 shares during the period. 3M makes up 1.2% of Pinnacle Holdings LLC’s portfolio, making the stock its 20th biggest position. Pinnacle Holdings LLC’s holdings in 3M were worth $3,277,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Creative Financial Designs Inc. ADV grew its holdings in 3M by 202.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 101 shares in the last quarter. Meridian Wealth Management LLC bought a new position in shares of 3M in the 1st quarter worth about $38,000. Shine Investment Advisory Services Inc. lifted its position in shares of 3M by 35.2% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after buying an additional 50 shares during the last quarter. Weaver Consulting Group bought a new position in shares of 3M in the 1st quarter worth about $32,000. Finally, Arcus Capital Partners LLC bought a new position in shares of 3M in the 2nd quarter worth about $35,000. 67.09% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on MMM shares. Credit Suisse Group raised their price target on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the stock a “hold” rating in a research report on Friday, July 26th. Morgan Stanley raised their price target on shares of 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. reduced their price target on shares of 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Finally, Bank of America reduced their price target on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and a consensus price target of $182.54.
NYSE:MMM traded up $1.42 during mid-day trading on Friday, hitting $172.00. The stock had a trading volume of 227,608 shares, compared to its average volume of 2,519,946. The stock has a market capitalization of $97.98 billion, a price-to-earnings ratio of 16.47, a P/E/G ratio of 1.90 and a beta of 1.11. The company has a 50 day simple moving average of $164.67 and a 200-day simple moving average of $182.03. 3M Co has a 52 week low of $154.00 and a 52 week high of $219.75. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. 3M’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the firm posted $2.59 EPS. As a group, equities research analysts anticipate that 3M Co will post 9.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were given a $1.44 dividend. The ex-dividend date was Thursday, August 15th. This represents a $5.76 annualized dividend and a yield of 3.35%. 3M’s dividend payout ratio is presently 55.07%.
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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