Denver Investment Advisors LLC Sells 1,910 Shares of 3M Co (MMM)

Denver Investment Advisors LLC decreased its position in 3M Co (NYSE:MMM) by 2.1% in the 1st quarter, HoldingsChannel reports. The fund owned 89,329 shares of the conglomerate’s stock after selling 1,910 shares during the period. 3M makes up about 1.0% of Denver Investment Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. Denver Investment Advisors LLC’s holdings in 3M were worth $19,609,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Cim Investment Mangement Inc. raised its holdings in 3M by 7.0% in the 1st quarter. Cim Investment Mangement Inc. now owns 4,796 shares of the conglomerate’s stock valued at $1,053,000 after acquiring an additional 314 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in 3M by 6.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 19,089 shares of the conglomerate’s stock valued at $4,191,000 after acquiring an additional 1,114 shares in the last quarter. Financial Advantage Inc. raised its holdings in 3M by 1.9% in the 1st quarter. Financial Advantage Inc. now owns 22,338 shares of the conglomerate’s stock valued at $4,904,000 after acquiring an additional 408 shares in the last quarter. Wagner Wealth Management LLC raised its holdings in 3M by 33.5% in the 1st quarter. Wagner Wealth Management LLC now owns 2,270 shares of the conglomerate’s stock valued at $498,000 after acquiring an additional 570 shares in the last quarter. Finally, Cidel Asset Management Inc. acquired a new position in 3M in the 1st quarter valued at approximately $224,000. 65.66% of the stock is owned by hedge funds and other institutional investors.

Several research firms have commented on MMM. Vetr cut 3M from a “buy” rating to a “hold” rating and set a $251.35 price target for the company. in a report on Tuesday, February 27th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Wednesday, April 11th. Jefferies Group lowered 3M from a “buy” rating to a “hold” rating and lowered their price objective for the company from $259.77 to $200.00 in a research note on Wednesday, May 16th. Argus lowered their price objective on 3M from $285.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 25th. Finally, Royal Bank of Canada upgraded 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 price objective on the stock in a research note on Thursday, May 3rd. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $241.97.



In related news, EVP Frank R. Jr. Little sold 3,133 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $236.85, for a total transaction of $742,051.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.

3M opened at $198.67 on Thursday, according to Marketbeat Ratings. The company has a market cap of $119.78 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 1.90 and a beta of 1.17. 3M Co has a one year low of $191.44 and a one year high of $259.77. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.17 and a current ratio of 1.65.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 24th. The conglomerate reported $2.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $2.50. The business had revenue of $8.28 billion for the quarter, compared to analyst estimates of $8.21 billion. 3M had a return on equity of 50.11% and a net margin of 12.83%. 3M’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.16 EPS. analysts forecast that 3M Co will post 10.42 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 12th. Investors of record on Friday, May 18th will be given a dividend of $1.36 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $5.44 dividend on an annualized basis and a yield of 2.74%. 3M’s dividend payout ratio (DPR) is presently 59.32%.

3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

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

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

Leave a Reply