HighTower Advisors LLC Decreases Stake in 3M Company $MMM

HighTower Advisors LLC reduced its stake in shares of 3M Company (NYSE:MMM) by 2.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 244,722 shares of the conglomerate’s stock after selling 6,895 shares during the quarter. HighTower Advisors LLC’s holdings in 3M were worth $39,623,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. California State Teachers Retirement System increased its position in shares of 3M by 16,438.5% in the 2nd quarter. California State Teachers Retirement System now owns 129,994,625 shares of the conglomerate’s stock valued at $21,047,430,000 after acquiring an additional 129,208,611 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in 3M by 7.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock worth $637,202,000 after acquiring an additional 270,458 shares during the period. SG Americas Securities LLC lifted its position in 3M by 653.6% during the 1st quarter. SG Americas Securities LLC now owns 2,369,879 shares of the conglomerate’s stock worth $344,178,000 after acquiring an additional 2,055,419 shares during the period. Ascentis Wealth Management LLC grew its stake in 3M by 22,972.5% during the 2nd quarter. Ascentis Wealth Management LLC now owns 347,472 shares of the conglomerate’s stock valued at $56,259,000 after purchasing an additional 345,966 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in 3M by 1.5% during the 4th quarter. Handelsbanken Fonder AB now owns 271,777 shares of the conglomerate’s stock valued at $43,511,000 after purchasing an additional 4,101 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Down 0.7%

MMM opened at $167.43 on Wednesday. The company has a 50-day moving average price of $171.80 and a 200 day moving average price of $159.29. 3M Company has a twelve month low of $139.34 and a twelve month high of $184.90. The company has a market cap of $86.34 billion, a PE ratio of 29.74, a price-to-earnings-growth ratio of 2.22 and a beta of 1.01. The company has a quick ratio of 0.91, a current ratio of 1.24 and a debt-to-equity ratio of 3.63.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 21st. The conglomerate reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.15. The business had revenue of $6.50 billion for the quarter, compared to the consensus estimate of $6.40 billion. 3M had a return on equity of 115.87% and a net margin of 11.90%.The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.16 earnings per share. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. Sell-side analysts expect that 3M Company will post 8.96 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 24th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 24th. 3M’s dividend payout ratio is currently 55.42%.

Wall Street Analyst Weigh In

MMM has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $192.00 price objective on shares of 3M in a research note on Wednesday, July 22nd. The Goldman Sachs Group reiterated a “buy” rating on shares of 3M in a research report on Wednesday, July 22nd. Jefferies Financial Group increased their price target on shares of 3M from $170.00 to $175.00 and gave the stock a “hold” rating in a report on Monday, June 29th. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $178.00 to $180.00 in a research report on Friday, July 17th. Finally, Weiss Ratings upgraded shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 31st. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $177.21.

Insider Buying and Selling

In other 3M news, insider Karin Chavez sold 3,635 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total value of $663,423.85. Following the completion of the sale, the insider owned 14,035 shares in the company, valued at approximately $2,561,527.85. This represents a 20.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.19% of the company’s stock.

3M Profile

3M Company is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it initially supplied abrasives and other materials before expanding into a broad range of science-based products and technologies.

The company develops products for industrial, transportation, electronics, safety and consumer markets. Its offerings include personal protective equipment, industrial adhesives and tapes, abrasives, filtration products, electrical materials, automotive solutions, medical and dental products, and consumer brands such as Post-it Notes and Scotch products.