Beach Investment Counsel Inc. PA lowered its stake in 3M Company (NYSE:MMM) by 0.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,203 shares of the conglomerate’s stock after selling 100 shares during the period. Beach Investment Counsel Inc. PA’s holdings in 3M were worth $2,909,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. increased its stake in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. Founders Capital Management LLC increased its stake in shares of 3M by 0.4% in the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock worth $371,000 after buying an additional 8 shares in the last quarter. Baystate Wealth Management LLC increased its stake in shares of 3M by 0.6% in the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock worth $370,000 after buying an additional 11 shares in the last quarter. Capital Management Corp VA increased its stake in shares of 3M by 0.3% in the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock worth $753,000 after buying an additional 11 shares in the last quarter. Finally, Smith Chas P & Associates PA Cpas increased its stake in shares of 3M by 0.7% in the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock worth $374,000 after buying an additional 13 shares in the last quarter. 66.29% of the stock is owned by institutional investors.

Shares of 3M Company (MMM) traded down 0.04% on Monday, hitting $202.05. The company’s stock had a trading volume of 165,439 shares. The stock has a market capitalization of $120.58 billion, a P/E ratio of 23.05 and a beta of 1.08. The stock’s 50 day moving average price is $206.57 and its 200 day moving average price is $198.51. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.08 EPS. On average, analysts forecast that 3M Company will post $8.94 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Wednesday, August 23rd. 3M’s payout ratio is 53.59%.

TRADEMARK VIOLATION NOTICE: This news story was reported by Watch List News and is the property of of Watch List News. If you are reading this news story on another publication, it was illegally stolen and republished in violation of United States & international copyright & trademark law. The correct version of this news story can be viewed at https://www.watchlistnews.com/beach-investment-counsel-inc-pa-sells-100-shares-of-3m-company-mmm/1528127.html.

A number of brokerages have recently commented on MMM. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a research report on Monday, June 19th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $202.00 price objective on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley reaffirmed an “underweight” rating and issued a $191.00 price objective (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $234.00 price objective on shares of 3M in a research report on Wednesday, August 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $206.68.

In related news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the sale, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock valued at $1,878,890 in the last ninety days. 0.58% of the stock is currently owned by insiders.

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.

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

Receive News & Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related companies with Analyst Ratings Network's FREE daily email newsletter.