3M Co (NYSE:MMM) Shares Sold by Smith Moore & CO.

Smith Moore & CO. lessened its stake in 3M Co (NYSE:MMM) by 11.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,622 shares of the conglomerate’s stock after selling 1,032 shares during the quarter. Smith Moore & CO.’s holdings in 3M were worth $1,322,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M. Kraus & Co boosted its holdings in shares of 3M by 5.2% in the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock valued at $629,000 after purchasing an additional 179 shares during the last quarter. Edgestream Partners L.P. raised its stake in shares of 3M by 3,427.1% in the 2nd quarter. Edgestream Partners L.P. now owns 45,500 shares of the conglomerate’s stock valued at $7,887,000 after acquiring an additional 44,210 shares during the period. Schafer Cullen Capital Management Inc raised its stake in shares of 3M by 26.8% in the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock valued at $102,384,000 after acquiring an additional 124,665 shares during the period. Hikari Power Ltd raised its stake in shares of 3M by 3.9% in the 2nd quarter. Hikari Power Ltd now owns 193,600 shares of the conglomerate’s stock valued at $33,559,000 after acquiring an additional 7,270 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of 3M by 26.8% in the 2nd quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock valued at $77,840,000 after acquiring an additional 94,863 shares during the period. Institutional investors own 66.77% of the company’s stock.

In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.83% of the company’s stock.



A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. cut their target price on shares of 3M from $143.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 target price on the stock in a research note on Monday, July 29th. UBS Group cut their target price on shares of 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada set a $179.00 target price on shares of 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Citigroup cut their target price on shares of 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $182.54.

3M stock traded down $0.74 during midday trading on Wednesday, hitting $164.00. 2,785,858 shares of the stock were exchanged, compared to its average volume of 2,770,643. 3M Co has a 1 year low of $154.00 and a 1 year high of $219.75. The firm has a market cap of $95.93 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The company has a 50 day moving average price of $163.13 and a two-hundred day moving average price of $179.67.

3M (NYSE:MMM) last released its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the previous year, the firm posted $2.59 EPS. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, analysts predict that 3M Co will post 9.34 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.51%. The ex-dividend date was Thursday, August 15th. 3M’s dividend payout ratio (DPR) is 55.07%.

About 3M

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

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

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