3M Company (MMM) Position Cut by InterOcean Capital LLC
InterOcean Capital LLC lowered its holdings in shares of 3M Company (NYSE:MMM) by 22.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,845 shares of the conglomerate’s stock after selling 13,699 shares during the quarter. 3M accounts for 1.6% of InterOcean Capital LLC’s portfolio, making the stock its 23rd biggest holding. InterOcean Capital LLC’s holdings in 3M were worth $9,961,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Kopp Investment Advisors LLC boosted its position in 3M by 0.4% in the 2nd quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock valued at $1,099,000 after buying an additional 20 shares during the period. Nicholas Hoffman & Company LLC. boosted its stake in shares of 3M by 3.5% during the second quarter. Nicholas Hoffman & Company LLC. now owns 3,888 shares of the conglomerate’s stock valued at $809,000 after purchasing an additional 133 shares in the last quarter. Ironwood Investment Counsel LLC increased its holdings in 3M by 5.0% during the second quarter. Ironwood Investment Counsel LLC now owns 18,192 shares of the conglomerate’s stock valued at $3,787,000 after buying an additional 863 shares during the period. Harfst & Associates Inc. increased its holdings in 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after buying an additional 100 shares during the period. Finally, Horizon Investments LLC increased its holdings in 3M by 55.6% during the second quarter. Horizon Investments LLC now owns 8,970 shares of the conglomerate’s stock valued at $1,763,000 after buying an additional 3,207 shares during the period. Institutional investors own 66.20% of the company’s stock.
In related news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the sale, the insider now directly owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,112 shares of company stock worth $1,878,890. Company insiders own 0.58% of the company’s stock.
MMM has been the subject of several recent research reports. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Citigroup Inc. reduced their target price on shares of 3M from $230.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, July 26th. Morgan Stanley reiterated an “underweight” rating and set a $191.00 price objective (down previously from $193.00) on shares of 3M in a research note on Monday, July 10th. Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 price target on shares of 3M in a research report on Friday, July 28th. Finally, Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and a consensus target price of $208.27.
3M Company (MMM) opened at 212.76 on Tuesday. The firm has a 50-day moving average of $207.27 and a 200 day moving average of $202.75. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.65. The firm has a market cap of $126.97 billion, a P/E ratio of 24.27 and a beta of 1.09.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The company had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the prior year, the company earned $2.08 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. On average, analysts predict that 3M Company will post $8.95 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were given a $1.175 dividend. This represents a $4.70 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s payout ratio is currently 53.59%.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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