Williams Jones & Associates LLC Lowers Holdings in 3M Company (MMM)
Williams Jones & Associates LLC lowered its position in 3M Company (NYSE:MMM) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,941 shares of the conglomerate’s stock after selling 319 shares during the quarter. Williams Jones & Associates LLC’s holdings in 3M were worth $3,527,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Capital Investment Counsel Inc grew its stake in 3M by 7.0% in the 1st quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after acquiring an additional 189 shares during the last quarter. Mycio Wealth Partners LLC increased its holdings in 3M by 19.9% during the 1st quarter. Mycio Wealth Partners LLC now owns 6,764 shares of the conglomerate’s stock valued at $1,294,000 after acquiring an additional 1,122 shares in the last quarter. Dubuque Bank & Trust Co. raised its position in 3M by 2.3% during the first quarter. Dubuque Bank & Trust Co. now owns 26,722 shares of the conglomerate’s stock worth $5,113,000 after acquiring an additional 602 shares during the last quarter. Duncker Streett & Co. Inc. raised its position in 3M by 4.5% during the first quarter. Duncker Streett & Co. Inc. now owns 16,452 shares of the conglomerate’s stock worth $3,148,000 after acquiring an additional 706 shares during the last quarter. Finally, Adviser Investments LLC raised its position in 3M by 142.0% during the first quarter. Adviser Investments LLC now owns 8,256 shares of the conglomerate’s stock worth $1,580,000 after acquiring an additional 4,845 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.
In related news, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is currently owned by insiders.
Several research firms have recently commented on MMM. Royal Bank Of Canada reiterated a “hold” rating and issued a $209.00 price target on shares of 3M in a research report on Friday, September 15th. Jefferies Group LLC restated a “buy” rating and set a $234.00 price objective on shares of 3M in a research report on Wednesday, August 16th. J P Morgan Chase & Co downgraded 3M from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $185.00 to $201.00 in a research report on Wednesday, September 20th. Morgan Stanley upped their target price on 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research note on Monday. Finally, BidaskClub lowered 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $208.27.
3M Company (NYSE:MMM) traded up 0.53% during trading on Wednesday, reaching $215.71. The company had a trading volume of 313,109 shares. The stock has a market cap of $128.73 billion, a PE ratio of 24.60 and a beta of 1.09. The company has a 50-day moving average price of $207.47 and a 200 day moving average price of $202.91. 3M Company has a 52-week low of $163.85 and a 52-week high of $216.06.
3M (NYSE:MMM) last announced its 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 firm had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period last year, the firm earned $2.08 earnings per share. 3M’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, analysts anticipate that 3M Company will post $8.95 earnings per share for the current year.
The firm 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. The ex-dividend date was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.19%. 3M’s dividend payout ratio (DPR) is presently 53.59%.
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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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