Verition Fund Management LLC Reduces Position in 3M Co (NYSE:MMM)

Verition Fund Management LLC lessened its stake in shares of 3M Co (NYSE:MMM) by 34.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,686 shares of the conglomerate’s stock after selling 883 shares during the quarter. Verition Fund Management LLC’s holdings in 3M were worth $292,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MMM. Altman Advisors Inc. raised its holdings in shares of 3M by 1.3% during the first quarter. Altman Advisors Inc. now owns 10,399 shares of the conglomerate’s stock valued at $2,161,000 after acquiring an additional 132 shares in the last quarter. Ellis Investment Partners LLC bought a new position in shares of 3M during the first quarter valued at approximately $138,000. Mechanics Bank Trust Department raised its holdings in shares of 3M by 3.1% during the first quarter. Mechanics Bank Trust Department now owns 8,418 shares of the conglomerate’s stock valued at $1,749,000 after acquiring an additional 255 shares in the last quarter. Bailard Inc. raised its holdings in shares of 3M by 4.4% during the first quarter. Bailard Inc. now owns 23,064 shares of the conglomerate’s stock valued at $4,792,000 after acquiring an additional 965 shares in the last quarter. Finally, Steinberg Global Asset Management raised its holdings in shares of 3M by 52.6% during the first quarter. Steinberg Global Asset Management now owns 4,903 shares of the conglomerate’s stock valued at $1,019,000 after acquiring an additional 1,689 shares in the last quarter. 66.77% of the stock is owned by hedge funds and other institutional investors.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.83% of the stock is currently owned by corporate insiders.

MMM traded down $0.34 during trading on Friday, reaching $154.89. The stock had a trading volume of 503,492 shares, compared to its average volume of 2,661,252. The stock’s 50 day moving average is $162.79 and its two-hundred day moving average is $177.75. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $91.11 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 1.79 and a beta of 1.11. 3M Co has a one year low of $150.81 and a one year high of $219.75.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.59 earnings per share. On average, equities research analysts predict that 3M Co will post 9.32 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 16th were issued a $1.44 dividend. The ex-dividend date was Thursday, August 15th. This represents a $5.76 dividend on an annualized basis and a yield of 3.72%. 3M’s dividend payout ratio (DPR) is 55.07%.

A number of brokerages recently commented on MMM. JPMorgan Chase & Co. decreased their target price on 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. Barclays decreased their target price on 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday. Morgan Stanley decreased their target price on 3M from $177.00 to $173.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a report on Monday, July 29th. Finally, Credit Suisse Group upped their target price on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, eight have issued 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 $181.92.

3M Profile

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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