Rhumbline Advisers Has $168.83 Million Position in 3M Company $MMM

Rhumbline Advisers trimmed its stake in 3M Company (NYSE:MMM) by 3.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,108,951 shares of the conglomerate’s stock after selling 33,945 shares during the quarter. Rhumbline Advisers’ holdings in 3M were worth $168,827,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MMM. Willis Investment Counsel grew its stake in shares of 3M by 9.9% in the 2nd quarter. Willis Investment Counsel now owns 134,234 shares of the conglomerate’s stock valued at $20,436,000 after buying an additional 12,107 shares during the period. Handelsbanken Fonder AB boosted its holdings in 3M by 17.0% in the second quarter. Handelsbanken Fonder AB now owns 265,360 shares of the conglomerate’s stock worth $40,398,000 after acquiring an additional 38,501 shares in the last quarter. Keyvantage Wealth LLC acquired a new stake in 3M in the second quarter valued at approximately $202,000. L & S Advisors Inc increased its holdings in shares of 3M by 52.5% during the second quarter. L & S Advisors Inc now owns 44,112 shares of the conglomerate’s stock valued at $6,716,000 after acquiring an additional 15,180 shares in the last quarter. Finally, Everett Harris & Co. CA lifted its holdings in shares of 3M by 10.6% in the 2nd quarter. Everett Harris & Co. CA now owns 6,971 shares of the conglomerate’s stock worth $1,061,000 after purchasing an additional 666 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In related news, EVP Zoe L. Dickson sold 13,826 shares of the business’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $169.78, for a total value of $2,347,378.28. Following the sale, the executive vice president directly owned 6,162 shares in the company, valued at approximately $1,046,184.36. The trade was a 69.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark W. Murphy sold 19,061 shares of the company’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $166.55, for a total transaction of $3,174,609.55. Following the sale, the executive vice president directly owned 6,594 shares in the company, valued at approximately $1,098,230.70. This trade represents a 74.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 46,516 shares of company stock worth $7,836,465. Corporate insiders own 0.34% of the company’s stock.

3M Trading Up 2.1%

NYSE MMM opened at $168.08 on Friday. The stock has a market capitalization of $89.29 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 2.90 and a beta of 1.06. The business’s fifty day moving average is $160.26 and its 200-day moving average is $154.36. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.84 and a quick ratio of 1.40. 3M Company has a one year low of $121.98 and a one year high of $172.85.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share (EPS) for the quarter. The business had revenue of $8.38 billion during the quarter. 3M had a net margin of 13.70% and a return on equity of 98.47%. Equities research analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 14th. 3M’s dividend payout ratio (DPR) is currently 46.65%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MMM shares. UBS Group upped their price objective on shares of 3M from $184.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Wolfe Research raised their price target on shares of 3M from $187.00 to $197.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. Citigroup boosted their price objective on 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of 3M in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.10.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.